On Wednesday, the GBP/USD found support at 1.3710 and started a recovery. By the middle of Thursday's trading hours, the GBP/USD had reached the 1.3770 level. From 1.3760 up to 1.3777, the pair faced the resistance of the 55, 100 and 200-hour simple moving averages and the weekly simple pivot point.
Economic Calendar
At 12:30 GMT, on Thursday, the US Advance GDP is expected to impact the value of the US Dollar. In addition, the US Unemployment Claims could also slightly impact the USD. The GDP has moved the GBP/USD from 9.6 to 21.8 pips, and the Claims from 12.1 to 18.3 base points.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
A passing of the 1.3760/1.3777 zone would leave the pair with no technical resistance as high as the 1.3831 level, where the weekly R1 simple pivot point is located at. However, the 1.3800 level might act as a resistance level.However, a decline of GBP/USD might look for support in the 1.3710 level first. Afterwards, the weekly S1 simple pivot point at 1.3706 and the 1.3700 could keep the pair up.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate's recovery has pierced the resistance of the 100-day simple moving average. However, the 200-day SMA still provides resistance and strengthens the 1.3850 mark.Meanwhile, the 55-day SMA appears to have started to provide support at the 1.3720 level.
Daily chart
Read More: Technical Analysis
Short sentiment changes
On Wednesday, traders were short, as 61% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Thursday, 62% of volume was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 50% to buy and 50% to sell.
On Wednesday, traders were short, as 61% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Thursday, 62% of volume was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 50% to buy and 50% to sell.