It took the GBP/USD currency exchange rate 15 hours of testing resistance and trading flat below the previous December high level zone at 1.3365, before the high level failed.
By the middle of Thursday's GMT trading, the pair had already reached the 1.3435 level. Moreover, the GBP faced no resistance against the USD as high as the 1.3468 level.
Economic Calendar
On Thursday, at 13:30 GMT the US Durable Goods Orders and Core Durable Goods orders data will be published. However, during the prior months the data release has not caused increases of volatility.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
If the pair continues to surge, it would most likely test the resistance of the weekly R2 simple pivot point at 1.3468. However, the 1.3450 mark might act as resistance, despite the 1.3400 level not slowing the rate down.On the other hand, a decline could find support in the previous December high level zone at 1.3365/1.3375 and the weekly R1 simple pivot point. Meanwhile, the next support level, before the 1.3300 mark, is the 50-hour simple moving average near 1.3310.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate remains in the borders of the large scale channel down pattern.Most recently, the rate recovered and passed the resistance of the September low level at 1.3410. In the near term future, the pair could find resistance in the 50-day simple moving average near 1.3475.
Daily chart
Read More: Technical Analysis
Long sentiment continues to decline
On Wednesday, traders were bullish, as 61% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 81% to sell the GBP against USD.
On Thursday, the positions were 57% long and the pending orders were 80% to sell.
On Wednesday, traders were bullish, as 61% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 81% to sell the GBP against USD.
On Thursday, the positions were 57% long and the pending orders were 80% to sell.