By the middle of Thursday's trading, the GBP/USD passed the support of the 1.3450 mark, the October and November low level zone at 1.3410/1.3430 and the 1.3400 mark, and the rate pierced the weekly S1 simple pivot point at 1.3386. Moreover, the 1.3410/1.3430 zone was confirmed as a resistance.
Economic Calendar
On Thursday, the UK Preliminary Quarterly GDP data might cause a move from 8.1 to 16.0 pips, as it has done so since August 2020.
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
In the highly likely case that the rate continues to decline, the pair could look for support in the 1.3350 level. Afterwards, the 1.3300 mark could act as a support level. Meanwhile, the most close by technical support level was the weekly S2 simple pivot point at 1.3268.On the other hand, the sharp decline of the pair could consolidate via trading sideways, until the 50 and 100-hour simple moving averages catch up to the rate.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has passed below the September low level. The pair has not been this low since December 2020.Daily chart
Read More: Technical Analysis
Long sentiment grows
On Thursday, traders were bullish, as 62% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Wednesday, 58% of volume was bullish.
Meanwhile, in the 100-pip range around the rate the pending orders were 82% to buy the GBP against USD.
The orders were 91% to buy on Wednesday.
On Thursday, traders were bullish, as 62% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Wednesday, 58% of volume was bullish.
Meanwhile, in the 100-pip range around the rate the pending orders were 82% to buy the GBP against USD.
The orders were 91% to buy on Wednesday.