On Tuesday, the British Pound declined by 78 pips or 0.55% against the US Dollar. The GBP/USD currency pair breached the 1.4120 level during Tuesday's trading session.
Economic Calendar
At 12:30 GMT on Thursday, the US Preliminary GDP is set to be published. This event has caused GBP/USD moves from 11.5 to 116.8 pips.
Also on Thursday, the weekly US Unemployment Claims are set to be published at 12:30 GMT. Our analysts have been ignoring this event since February, as it did not have an impact on the USD. This week, another check of the data was done.
The GBP/USD has moved from 9.5 to 22.8 pips since April 22 due to the Unemployment Claims.
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
On Wednesday, the exchange rate continued to edge lower. Bearish traders could target the weekly support level at 1.4077.However, a support line at 1.4120 has provided support for the currency exchange rate during the evening trading session.
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
Traders set up buy orders
Since last Friday, traders have been short, as 73% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Wednesday, in the 100-pip range around the rate the pending orders were 64% to buy. Previously, 60% of orders were to sell.
Since last Friday, traders have been short, as 73% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Wednesday, in the 100-pip range around the rate the pending orders were 64% to buy. Previously, 60% of orders were to sell.