On Friday, the US Core PCE Price Index is scheduled to be published at 12:30 GMT. This inflation measure is watched by the US Federal Reserve when setting their policy.
GBP/USD short-term view
A move above 1.1650 is expected to encounter resistance in the 1.1700, 1.1750 and 1.1800 levels, before reaching the weekly R3 simple pivot point at 1.1849 and the 1.1850 mark.However, a decline of the Pound against the US Dollar is expected to look for support in the combination of the 1.1550 level, the lower trend line of the channel up pattern and the 50-hour simple moving average. Further below, note the 1.1500 mark and the weekly R1 simple pivot point at 1.1470.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the resistance of the 50-day SMA was broken. On Wednesday, the pair was approaching the 100-day SMA near 1.1650. On Thursday, the moving average acted as resistance.Daily chart
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Traders are short
On Wednesday, traders were bearish, as 68% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 57% to buy the GBP/USD.
On Thursday, the open positions were 68% short and pending orders were 65% to buy.
On Wednesday, traders were bearish, as 68% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 57% to buy the GBP/USD.
On Thursday, the open positions were 68% short and pending orders were 65% to buy.