On Thursday, 12:30 GMT, the US Retail Sales data and weekly Unemployment Claims are scheduled to impact the value of the US Dollar.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
In the near term future, the pair might clearly pass below the 1.2980 level and approach the weekly S1 simple pivot point at 1.2953 and the 1.2950 mark. Further below, there is no close by technical support on the hourly candle chart.However, a potential recovery of the Pound, compared to the US Dollar, would have to pass above the 50 and 100-hour simple moving averages at 1.3017 and 1.3030. Higher above, note the resistance zone at 1.3045/1.3055, the weekly simple pivot point at 1.3060 and the approaching 200-hour simple moving average.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD has no additional support as low as the long term trend line, which is located below 1.2900.Daily chart
Read More: Technical Analysis
Traders are mostly long
On Wednesday, traders were long, as 73% 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 56% to buy the GBP/USD.
On Tuesday, positions were 74% long and orders were 52% to sell.
On Wednesday, traders were long, as 73% 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 56% to buy the GBP/USD.
On Tuesday, positions were 74% long and orders were 52% to sell.