Since the middle of Monday, the GBP/USD has traded in a 50 pip range between two zones.
From the above, resistance is provided by the 1.4160/1.4170 zone. In the meantime, support is found in the 1.4100/1.4110 zone.
Economic Calendar
The rate could move due to the US CPI on Wednesday at 12:30 GMT. The pair has moved from 14.8 to 35.6 pips on the release.
On Friday, the US Retail Sales and Core Retail Sales at 12:30 GMT are bound to move the pair, as the release had moved the pair from 13.6 to 26.3 since December.
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 Wednesday, the rate had once again bounced off the support of the 1.4100/1.4110 zone. The rate was most likely going to once again test the resistance at 1.4160/1.4170.In the case of the pair managing to pass the resistance at 1.4160/1.4170, the GBP/USD could reach for the 1.4200 mark and afterwards the 1.4250 level. On the other hand, if the resistance holds, the pair would most likely continue to trade sideways in a 50 base point range.
Hourly Chart
GBP/USD daily chart's review
On Tuesday, a channel up pattern was spotted, which had guided the rate since the middle of March. The rate's recent sideways trading on the hourly chart appears to be a test of the upper trend line of the channel on the daily candle chart.Daily chart
Read More: Technical Analysis
Traders are short
On Wednesday, traders were short, as 70% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 53% to sell.
On Wednesday, traders were short, as 70% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 53% to sell.