This week, notable events are over. Due to this reason, the current momentum might remain intact.
GBP/USD short-term view
A continuation of the Pound's decline against the US Dollar is expected to look for support once again in the 1.2447 level, where the weekly S2 simple pivot point is located. Further below, note the 1.2400 mark and the lower trend line of the channel down pattern.However, in the case of the rate recovering, the 50-hour SMA, the 1.2500 mark, the upper trend line of the channel and the weekly S1 at 1.2515 are expected to act as resistance. Higher above, note the 100-hour SMA near 1.2542 and the 1.2548/1.2579 range.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD has bounced off the 1.2610/1.2670 range. On Thursday, the pair also pierced the 200-day SMA. Now, support could be found in the 1.2300/1.2450 range.Daily chart
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Traders are bullish on GBP
On Thursday, open GBP/USD positions by Swiss Foreign Exchange traders were 66% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 59% to sell.
On Friday, positions were still 66% long, but orders were 51% to buy.
On Thursday, open GBP/USD positions by Swiss Foreign Exchange traders were 66% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 59% to sell.
On Friday, positions were still 66% long, but orders were 51% to buy.