In the near term future, the pair was expected to look for support in the 1.2400 level and the lower trend line of the narrow channel down pattern, which has guided the pair since April 22. Economic Calendar
This week's notable events for this pair are over. On Friday, macroeconomic traders might want to look at the Canadian GDP publication.
GBP/USD short-term review
A move below the 1.2400 level and the lower trend line of the channel down pattern, would have no technical support. Namely, the pair is approaching early 2020 coronavirus low levels.On the other hand, a recovery of the Pound against the US Dollar might encounter resistance in the weekly S3 simple pivot point at 1.2474, before testing the resistance of the 1.2500 level.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the March and April low level zone failed and the channel down pattern, which guided the rate since early 2021 also failed. On the chart, we have marked the low levels of 2020, which could act as support.Daily chart
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Short sentiment declines
On Wednesday, traders were long, as 71% 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 52% to buy the GBP/USD.
On Thursday, open positions were 68% long and pending orders were 56% to buy.
On Wednesday, traders were long, as 71% 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 52% to buy the GBP/USD.
On Thursday, open positions were 68% long and pending orders were 56% to buy.