In the meantime, it was spotted that traders had become even more bearish, as 72% of open position volume was short, compared to 60% on Wednesday.
Economic Calendar
The week's notable events are over.
Next week, the financial markets might move on Wednesday, at 18:00 GMT. At that time the Federal Reserve Meeting Minutes will be published. The minutes is a protocol of the prior meeting held by the Federal Open Markets COmmittee on the US monetary policy. New information might cause an adjustmetn of the US Dollar's value.
GBP/USD hourly chart analysis
In the near term, the pair is expected to look for support in the 1.2860/1.2870 range and the 50-hour simple moving average. A move below this range could be slowed down by the 100-hour simple moving average and the lower trend line of the channel up pattern.On the other hand, a potential recovery of the Pound against the US Dollar would have to once again break the 1.2900 mark. Higher above, the upper trend line of the channel up pattern is expected to slow down the rate, prior to it reaching the 1.3000 level.
Hourly Chart
GBP/USD daily candle chart analysis
The GBP/USD found enough support in the 100 and 200-day simple moving averages and has recovered to face the 50-day simple moving average and the 1.2800/1.2850 range.Most recently, the pair passed above the 1.2800/1.2850 range. Next targets could be the 1.2900 and 1.3000 levels.
Read More: Technical Analysis
Traders jump into short positions
On Wednesday, traders were shorting, as 60% of open position volume at Dukascopy was in short positions.
In the meantime, trader set up pending orders in the 100-pip range above and below the current rate were 63% to buy.
On Friday, traders were 72% short. Meanwhile, pending orders were 54% to buy the GBP against the USD.
In the meantime, trader set up pending orders in the 100-pip range above and below the current rate were 63% to buy.
On Friday, traders were 72% short. Meanwhile, pending orders were 54% to buy the GBP against the USD.