The decline of the GBP/USD currency exchange rate found support in the combination of the 1.4100 mark, the 200-hour simple moving average and the support zone that is located from 1.4100 to 1.4110.
Economic Calendar
On Friday, the UK Retail Sales MoM will be released. The pair has moved due to the release from 7.4 to 20.6 since January.
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
In the near term future, if the pair surges, it would have to pass the resistance of the 100-hour simple moving average near 1.4140, the 55-hour SMA near 1.4160. Above these levels, the weekly R1 simple pivot point could provide resistance at 1.4181.On the other hand, a passing of the support levels near 1.4100 would immediately find support in the weekly simple pivot point at 1.4091. Below the weekly simple pivot point, the most close by support was the weekly R1 pivot point at 1.4014.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD remains in the borders of the channel up pattern, which has guided it since early April. The rate is testing the upper trend line of the pattern.In addition, note that the rate reversed its February surge just before reaching the 1.4250 level. Namely, the surge ended at the 1.4243 mark.
Daily chart
Read More: Technical Analysis
Sell orders are back
On Thursday, traders were short, as 70% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Wednesday, 72% of positions were short.
Meanwhile, in the 100-pip range around the rate the pending orders were 80% to sell. Previously, 55% of orders were to sell.
On Thursday, traders were short, as 70% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Wednesday, 72% of positions were short.
Meanwhile, in the 100-pip range around the rate the pending orders were 80% to sell. Previously, 55% of orders were to sell.