On Friday, the support range held. During the second half of the day, the rate tested the resistance of the 200-hour simple moving average near 1.2635. Economic Calendar
This week, there are no more scheduled events that could impact the pair.
GBP/USD hourly chart analysis
If the rate breaks the 200-hour simple moving average, the 1.2650 level could slow down the rate. Higher above, note the weekly simple pivot point at 1.2671, the 1.2700 mark and the weekly R1 simple pivot point at 1.2729.In the case of the 200-hour SMA holding, the rate would once again look for support in the 50 and 100-hour simple moving averages and the 1.2590/1.2610 range. Further below, take into account the weekly simple pivot point at 1.2571.
Hourly Chart
GBP/USD daily candle chart analysis
On the daily candle chart, the rate has moved back above 100 and 200-day simple moving average. The pair appears to have been reversed by the 100-day SMA. Meanwhile, On Thursday, the 200-day SMA also acted as support.In regards to resistance, the 50-day simple moving average could act as resistance near 1.2680. This moving average acted as support during the second part of January.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Friday, traders were 51% short, as that proportion of all open positon volume on Swiss Foreign Exchange was in bearish positions.
Meanwhile, pending orders in the 100-pip range around the rate were 52% to sell.
Mid-Thursday, traders had become 51% long and orders were 55% to sell.
Meanwhile, pending orders in the 100-pip range around the rate were 52% to sell.
Mid-Thursday, traders had become 51% long and orders were 55% to sell.