This week, there is only one notable scheduled event, which could impact the US Dollar and the financial markets. On Thursday, a minor move could occur due to the Philadelphia Federal Reserve Manufacturing Index release at 12:30 GMT.
GBP/USD short-term view
A move below 1.1150 would have no technical support as low as the weekly S1 simple pivot point at 1.0941 and the October low levels at 1.0922/1.0932. However, note that the pair could find support in the round levels at 1.1100, 1.1050, and 1.1000.On the other hand, a recovery of the Pound against the US Dollar could encounter resistance in the 1.1250 level and the 50 and 100-hour simple moving averages. Higher above, note 1.1300 and 1.1350 levels.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, it was previously reported that the 50-day simple moving average near 1.1500 is highly likely going to impact the rate. It could act as additional resistance, as it reaches lower. The expectations have become reality, as since Monday the SMA acted as resistance near 1.1400.Daily chart
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Traders are short
On Thursday, traders were bearish, as 61% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 56% to sell the GBP/USD.
On Wednesday, the positions were 58% short and orders were 58% to buy.
On Thursday, traders were bearish, as 61% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 56% to sell the GBP/USD.
On Wednesday, the positions were 58% short and orders were 58% to buy.