Note that on Thursday, the markets will be watching the US Advance quarterly Gross Domestic Product data at 12:30 GMT.
GBP/USD short-term view
In the case of the rate declining below 1.2150, the pair might look for support in the 1.2100 mark, the weekly R1 simple pivot point at 1.2087 and the 50-hour simple moving average. Further below, note the 1.2050 level and the 100-hour simple moving average.However, a potential surge of the Pound against the US Dollar might encounter resistance in the 1.2200 mark, before aiming at the upper trend line of the channel up pattern and the 1.2250 level.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has broken the 2022 channel down pattern by passing the upper trend line of the pattern.Meanwhile, the 50-day simple moving average was strengthening the resistance of the 1.2200 mark. Above the 50-day SMA, note the 100-day simple moving average, which was recently approaching the 1.2400 level.
Daily chart
Read More: Technical Analysis
Long sentiment decreases
Since Tuesday, traders were long, 63% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.
On Thursday, the situation changed, as only 56% of positions were long and pending orders were 61% to buy.
Since Tuesday, traders were long, 63% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.
On Thursday, the situation changed, as only 56% of positions were long and pending orders were 61% to buy.