During the first half of Friday's trading session, The British Pound declined by 58 pips or 0.42% against the US Dollar. However, the exchange rate rebounded at the end of the day.
The currency pair breached the upper line of a descending channel pattern during the Asian session on Monday.
Economic Calendar
Next week, on Wednesday, all of the markets will move due to the release of the US Federal Reserve Federal Funds Rate at 18:00 GMT. The GBP/USD has moved 20.5 to 60.6 pips on the announcement since September 16.
On Thursday, at 12:30 GMT, the US Advance GDP will be released. This event has caused GBP/USD moves only from 9.6 to 17.2 pips.
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
Most likely, the GBP/USD pair could continue to edge higher within the following trading session.Though, the 100– hour simple moving average at 1.3912 could provide resistance for the currency exchange rate in the shorter term.
Hourly Chart
GBP/USD daily chart's review
Since Friday, the rate has been trading in limbo around the 55-day simple moving average. It was expected that a decline could continue after a period of consolidation.Note that the 1.4000 has been keeping the GBP/USD down since the start of March.
Daily chart
Read More: Technical Analysis
Sell orders increase
On Monday, traders were short, as 60% of trader open position volume on the Swiss Foreign Exchange was in short positions. On Friday, 59% of volume was short
Meanwhile, in the 100-pip range around the rate the pending orders were 73% to sell. On Friday, the orders were 52% to buy.
On Monday, traders were short, as 60% of trader open position volume on the Swiss Foreign Exchange was in short positions. On Friday, 59% of volume was short
Meanwhile, in the 100-pip range around the rate the pending orders were 73% to sell. On Friday, the orders were 52% to buy.