The GBP/USD currency exchange rate broke the resistance of the weekly simple pivot point, the 200-hour simple moving average and the resistance zone of the recent April high levels. It resulted in the rate testing the resistance of the 1.3800 mark.
On Wednesday, the rate had bounced off the 1.3800 level and was heading to the support of the 55 and 100-hour simple moving averages. Note that the 200-hour SMA and the weekly simple pivot point did not provide support for longer than one hour.
Economic Calendar
On Thursday, the US Retail Sales and Core Retail Sales are also bound to influence the value of the US Dollar. The rate has moved from 12.0 to 26.3 pips on the release.
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
If the 55 and 100-hour SMAs provide support, the rate could once again test the resistance of the 1.3800 level. If the 1.3800 level would be passed, the rate could reach for the weekly R1 simple pivot point at 1.3861.On the other hand, a failure of the SMAs could result in the rate looking for support in the 1.3720 level and afterwards the April and March low levels at 1.3675.
Hourly Chart
On the daily candle chart, the rate's decline appears to have found support in the 100-day simple moving average, which reached the rate from below on Friday.
Daily chart
Read More: Technical Analysis
Traders are neutral
Since Friday, traders were neutral, as 50% of trader open position volume on the Swiss Foreign Exchange was in short and long positions.
Since Tuesday, 51% of volume was long.
Meanwhile, on Wednesday, in the 100-pip range around the rate the pending orders were 66% to sell. The orders were 65% to buy on Tuesday.
Since Friday, traders were neutral, as 50% of trader open position volume on the Swiss Foreign Exchange was in short and long positions.
Since Tuesday, 51% of volume was long.
Meanwhile, on Wednesday, in the 100-pip range around the rate the pending orders were 66% to sell. The orders were 65% to buy on Tuesday.