The GBP/USD exchange rate exceeded the weekly R2 at 1.2992.
It is likely that some upside potential could prevail in the market, as the rate is supported by the 55-hour SMA.
Economic Calendar
On Thursday, pay attention to the US Advance GDP and the weekly US Unemployment Claims that should be published at 12:30 GMT.
Click on the link below to find out more about the data releases.
GBP/USD short-term review
Yesterday, the GBP/USD exchange rate tested the resistance level formed by the weekly R2 at 1.2992. During Thursday morning, the rate pierced the given resistance.Yesterday, the GBP/USD exchange rate tested the resistance level formed by the weekly R2 at 1.2992. During Thursday morning, the rate pierced the given resistance.
Meanwhile, if the predetermined resistance holds, it is likely that the British Pound could consolidate against the US Dollar in the short term.
Hourly Chart
On the daily candle chart, the rate broke the ascending channel north.
In the meantime, note that the rate could face the resistance formed by the monthly R2 at 1.3051.
Daily chart
Read More: Technical Analysis
Traders are short
On Thursday, 65% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the orders were almost neutral, as 53% of pending orders were set to buy the GBP/USD.
On Thursday, 65% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the orders were almost neutral, as 53% of pending orders were set to buy the GBP/USD.