This week's notable events for this pair are over. On Friday, macroeconomic traders might want to look at the Canadian GDP publication.
GBP/USD short-term review
A surge above the 1.2600 mark by the GBP against the US Dollar could encounter resistance in the weekly S2 simple pivot point at 1.2648 and the 1.2650 mark. Higher above, note the 1.2700 mark and the weekly S1 simple pivot point at 1.2741.Meanwhile, a resumption of the decline of the Pound, compared to the USD, might look for support in the 1.2500 mark and the 50-hour simple moving average. Below the 1.2500 mark, take into account the weekly S3 simple pivot point at 1.2473, the 1.2450 level and the Thursday's low levels at 1.2410/1.2425.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the March and April low level zone failed and the channel down pattern, which guided the rate since early 2021 also failed. On the chart, we have marked the low levels of 2020, which could act as support.Daily chart
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Traders set up sell orders
Since Thursday, traders were 68% bullish, as 68% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, on Friday, pending orders in a 100-base point range around the pair were 80% to sell the GBP/USD. On Thursday, orders were 56% to buy.
Since Thursday, traders were 68% bullish, as 68% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, on Friday, pending orders in a 100-base point range around the pair were 80% to sell the GBP/USD. On Thursday, orders were 56% to buy.