Upside risks controlled the British Pound against the US Dollar on Thursday. The GBP/USD currency pair climbed by 115 pips or 0.82% during yesterday's trading session.
Economic Calendar
Notable events for this week have ended. Expect an update to the calendar section with the next week's event reviews soon.
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
Everything being equal, the exchange rate is likely to continue to trend bullish during the following trading session. The potential target for buyers could be near the 1.4240 area.However, the currency exchange rate might make a brief pullback towards the weekly pivot point at 1.4155 within this session.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD remains in the borders of the channel up pattern, which has guided it since early April. The rate is testing the upper trend line of the pattern.In addition, note that the rate reversed its February surge just before reaching the 1.4250 level. Namely, the surge ended at the 1.4243 mark.
Daily chart
Read More: Technical Analysis
Sell orders increase
On Friday, traders were short, as 74% of trader open position volume on the Swiss Foreign Exchange was in short positions. Previously, the positions were 71% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 61% to sell.
On Thursday, 54% of orders were bearish.
On Friday, traders were short, as 74% of trader open position volume on the Swiss Foreign Exchange was in short positions. Previously, the positions were 71% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 61% to sell.
On Thursday, 54% of orders were bearish.