On Thursday, the British Pound fell by 66 pips or 0.48% against the US Dollar. A breakout occurred through the lower boundary of an ascending channel pattern during Thursday's trading session.
Economic Calendar
GBP/USD short-term review
Given that a breakout has occurred, sellers are likely to continue to pressure the exchange rate lower during the following trading session. The potential target for bearish traders will be near the 1.3620 area.On the other hand, the GBP/USD currency exchange rate could reverse from the current price level at 1.3694 within this session.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the support of the 1.3600 mark has once again worked. The rate has recovered after finding support in the round exchange rate level.Meanwhile, note that the pair's recovery could find resistance in the 55, 100 and 200-day simple moving averages in the 1.3800/1.3920 zone.
Daily chart
Read More: Technical Analysis
Traders are long
On Thursday, traders were long, as 51% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Friday, the long sentiment increased to 54% long. By the middle of Wednesday's trading hours, the sentiment was 53% long.
Meanwhile, in the 100-pip range around the rate, the pending orders were 53% to buy.
On Thursday, traders were long, as 51% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Friday, the long sentiment increased to 54% long. By the middle of Wednesday's trading hours, the sentiment was 53% long.
Meanwhile, in the 100-pip range around the rate, the pending orders were 53% to buy.