Economic Calendar
On Thursday, the United Kingdom monthly GDP data will be published at 06:00 GMT.
Later on, at 12:30 GMT, the US Retail Sales data will reveal whether total sales of consumer goods hae continued to increase. Note that higher retail sales might be due to higher prices not higher amount of goods sold.
GBP/USD hourly chart analysis
A move below the 1.2800/1.2820 range could find support in the 100 and 200-hour simple moving averages and the 1.2780 and 1.2760 levels. Further below, support is being provided by the 1.2735/1.2750 zone and the weekly simple pivot point at 1.2746.In the case of a resumption of the Pound's surge against the US Dollar, the rate would have to breach the 1.2860/1.2870 range. Higher above, resistance is expected to be found in the weekly R2 simple pivot point at 1.2898 and the 1.2900 mark.
Hourly Chart
GBP/USD daily candle chart analysis
The GBP/USD found enough support in the 100 and 200-day simple moving averages and has recovered to face the 50-day simple moving average and the 1.2800/1.2850 range.Most recently, the pair passed above the 1.2800/1.2850 range. Next targets could be the 1.2900 and 1.3000 levels.
Read More: Technical Analysis
Traders jump into short positions
On Wednesday, traders were shorting, as 60% of open position volume at Dukascopy was in short positions.
In the meantime, trader set up pending orders in the 100-pip range above and below the current rate were 63% to buy.
On Monday, traders were 56% long. Meanwhile, pending orders were 68% to buy the GBP against the USD.
It appears that traders have taken profits from long positions and are now shorting.
In the meantime, trader set up pending orders in the 100-pip range above and below the current rate were 63% to buy.
On Monday, traders were 56% long. Meanwhile, pending orders were 68% to buy the GBP against the USD.
It appears that traders have taken profits from long positions and are now shorting.