On April 27, the Pound Sterling surged by 56 pips or 0.40% against the US Dollar. The currency pair tested the upper line of a descending channel pattern at 1.3920 during Tuesday's trading session.
Economic Calendar
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
As forecast, the exchange rate continued to edge higher and a breakout through the upper boundary of the channel pattern has occurred within this session, breaking the 55-, 100 and 200-hour SMAs.Hourly Chart
GBP/USD daily chart's review
On Wednesday, the currency exchange rate is trading slightly above the 55-day simple moving average, still piercing the SMA, while the resistance level at 1.3913 has provided resistance for the rate and may cause a further decline.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 decline
Since Monday, traders were short, as 60% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Wednesday, the situation has slightly changed, as 61% was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 55% to sell. Previously, the orders were 62% to sell.
Since Monday, traders were short, as 60% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Wednesday, the situation has slightly changed, as 61% was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 55% to sell. Previously, the orders were 62% to sell.