The high volatility ended on Thursday, as the GBP/USD pair fluctuated around the 1.2250 mark. Economic Calendar
Note the UK Consumer Price Index release on June 22, which could impact the value of the Pound, as UK inflation might surprise the markets.
GBP/USD short-term review
If the Pound resumes its recovery against the US Dollar, note the 1.2400 mark and the resistance zone around 1.2450 and the 1.2500 level.On the other hand, in regards to support, note that below the 1.2250 mark there is a cluster of technical support levels around the 1.2200 level. Namely, the 1.2200 level is being strengthened by the 50-hour simple moving average and the weekly S1 simple pivot point. Further below, take into account the 1.2150 level and the 100-hour simple moving average.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate continues to trade in a channel down pattern. Note the pattern's resistance near 1.2540 and the 50-day simple moving average.Daily chart
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Traders are slightly long
Traders are 55% long, as 55% 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 60% to buy the GBP/USD.
Traders are 55% long, as 55% 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 60% to buy the GBP/USD.