The GBP/USD currency exchange rate has been trading between the 1.3700 and 1.3750 levels since the US CPI surge. Most recently, on Friday the rate was approached by the 50-hour simple moving average. Meanwhile, the pair almost in all cases ignored the support of the weekly R2 simple pivot point at 1.3709.
Economic Calendar
The week will end with the US Retail Sales and Core Retail Sales on Friday at 13:30 GMT. The pair has moved from 10.4 to 29.6 pips.
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GBP/USD short-term review
If the currency exchange rate starts a surge, it would have to pass the 1.3750 mark, before aiming at the 1.3800 mark. Above the 1.3800 level, the weekly R3 simple pivot point could act as resistance at 1.3820.However, a potential decline of the Pound against the US Dollar would have to pass below the 50-hour simple moving average, the weekly R2 simple pivot point and the 1.3700 mark. A move below 1.3700 would leave the pair with no support as low as the 100-hour simple moving average near 1.3650 and the weekly R1 simple moving average at 1.3652.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the surge of the rate has encountered the resistance of the 200-day simple moving average near 1.3740.Daily chart
Read More: Technical Analysis
Traders are short
Since Wednesday, traders were mostly bearish, as 75% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 69% to sell the GBP against USD.
Since Wednesday, traders were mostly bearish, as 75% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 69% to sell the GBP against USD.