Economic Calendar
On Friday, at 12:30 GMT the Core Personal Consumption Expenditure Price Index is bound to make an impact, as the head of the Federal Reserve Jerome Powell revealed last week that he is watching this index as a measure for inflation not the Consumer Price Index.
GBP/USD short-term view
A decline of the GBP against the US Dollar below the weekly S1 simple pivot point at 1.0637 might look for support in the 1.0600 and 1.0500 levels. Further below, the weekly S2 at 1.0427 could stop the decline, before the rate reaches the 1.0330 level.However, a recovery of the Pound could result in the pair testing the resistance of the 1.0800 and 1.0900 levels and the 100-hour simple moving average.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the 2022 channel down pattern has been broken to the downside.Daily chart
Read More: Technical Analysis
Long sentiment decreases
On Wednesday, traders were bullish, as 63% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 65% to sell the GBP/USD.
On Tuesday, the positions were 69% long and pending orders were 73% to sell.
On Wednesday, traders were bullish, as 63% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 65% to sell the GBP/USD.
On Tuesday, the positions were 69% long and pending orders were 73% to sell.