Economic Calendar
This week, the Office for National Statistics in the UK will report month-on-month changes in the national gross domestic product (GDP). Elevated levels of volatility are expected on Friday when the GDP numbers are released.
Additionally, core PPI and CPI data from the United States may impact the price of the currency pair.
GBP/USD hourly chart analysis
Recovery from dollar dominance and fundamental news of new president elect in the united states is represented in the movement as well. Steady price movement above 50- hour, 100- hour and 200- hour simple moving averages have occurred in the last week, thus raising GBP/USD towards 1.27800.
Hourly Chart
GBP/USD daily candle chart analysis
On the daily timeframe, the descending channel pattern has been broken; however, it may take a few days to fully confirm whether the descending channel is reversing. Additionally, the simple moving averages indicate that the current FX price is below the average prices for the 55, 100, and 200-day periods.Read More: Technical Analysis
Traders are long
On December 9th, the Dukascopy Trader Sentiment Monitor suggests that the majority, more than 74%, of traders are participating in the market as buyers, with the rest as sellers.
Compared to other GBP currency pairs, only EUR/GBP shows the same level of buy sentiment as GBP/USD.
Compared to other GBP currency pairs, only EUR/GBP shows the same level of buy sentiment as GBP/USD.