By the start of the days US trading at 14:30 GMT, the rate had recovered and touched the 1.3330 level. Meanwhile, the 1.3300 round exchange rate level did not impact the pair.
Economic Calendar
On Thursday, the US Unemployment Claims might create a minor move of the USD at 13:30 GMT. Later on, expect the US ISM Services PMI to impact the USD at 15:00 GMT.
The week's most notable event will close the week. Namely, on Friday, at 13:30 GMT the US Employment data sets are set to be published. The release will consist of three numbers - the Average Hourly Earnings change month-on-month, the Non-Farm Employment Change during the month and the Unemployment Rate in February.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
If the Pound continues to surge against the US Dollar, the currency exchange rate might encounter resistance in the 50 and 100-hour simple moving averages near the 1.3370 mark. Above the SMAs, the weekly simple pivot point near 1.3428 could act as resistance. Meanwhile, take into account that the pair had been respecting the round exchange rate levels of 1.3350 and 1.3400.On the other hand, a decline of the currency pair would have to pass the February low level at 1.32750, before looking for support in the 1.3250 mark or the weekly S1 simple pivot point at 1.3218.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the invasion of Ukraine by Russia caused a surge of the US Dollar, which also impacted the GBP/USD chart. On the GBP/USD chart it resulted in a breaking of the channel up pattern, which had guided the rate since November.In the near term future, the pair could look for support in round exchange rate levels, before reaching the support of the 2021 low level zone below 1.3200. In the meantime, note the resistance of the 50, 100 and 200-day simple moving averages at 1.3535, 1.3450 and 1.3600.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Wednesday, traders were neutral, as 51% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 55% to sell the GBP against USD.
On Wednesday, traders were neutral, as 51% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 55% to sell the GBP against USD.