On its fifth attempt on Tuesday, the GBP/USD passed the resistance of the 1.3200 mark. This resulted in a surge, which sharply aimed at the weekly R1 simple pivot point at 1.3270.
The rate was pushed through the resistance of the 1.3200 level due to the support of the 55-hour simple moving average.
Economic Calendar
On Thursday, at 07:00 GMT pay attention to the UK Preliminary GDP, which could cause a minor increase of volatility on the GBP pairs. The GBP/USD rate has moved from 12.8 to 39.2 pips on the announcement.
On the same day, at 13:30 GMT USD pairs could move because of the release of the US Consumer Price Index and the Unemployment Claims. The rate could move up to 29 pips on the announcement.
On Friday, the US Producer Price Indices are scheduled to be released at 13:30 GMT. The GBP/USD has moved from 11.1 to 36.2 pips during the release of the PPIs.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
On Tuesday morning, it was expected that the rate would reach the resistance of the weekly R1 simple pivot point at 1.3270.In the case of this level's resistance being broken, the currency exchange rate would aim fist at the 1.3300 and afterwards the 1.3350 levels. Note that there is no technical resistance above the weekly R1 as far as the weekly R2 at 1.3386.
On the other hand, if the weekly R1 pivot point holds, the rate should trade sideways until it is approached by the support of the 55 and 100-hour simple moving averages.
Hourly Chart
On the daily candle chart, the rate has clearly passed the October high level of 1.3180.
In the meantime, the rate had additional support on the chart at the 1.3000 level. At that level, the 55-day simple moving average was located at.
Daily chart
Read More: Technical Analysis
Pending orders bounce around
On Tuesday, 54% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Monday, the sentiment was 52% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 87% to sell the GBP/USD pair.
On Monday, 64% of orders were to buy.
On Tuesday, 54% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Monday, the sentiment was 52% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 87% to sell the GBP/USD pair.
On Monday, 64% of orders were to buy.