Economic Calendar
This week's notable events are over.
GBP/USD hourly chart analysis
A move above 1.3100 is expected to immediately encounter resistance in the 200-hour simple moving average and the 1.3120/1.3130 zone. Above these levels, the weekly simple pivot point and the 1.3150 mark are set to slow down the rate, prior to it reaching the 1.3180 level's resistance.On the other hand, a decline of the Pound against the US Dollar might look for support in the 100-hour SMA at 1.3080 and the combination of the 50-hour SMA and the weekly S1 simple pivot point near 1.3060. Further below, the 1.3050 level could act as support, before the pair reaches the 1.3000 mark.
Hourly Chart
GBP/USD daily candle chart analysis
Prior analysis: "On the daily candle chart, the pair has broken the resistance and support range that surrounded the 1.3100 mark. The next target for the decline is the combination of the 1.3000 level and the 50-day simple moving average."The artge has been reached. Now the pair is trading between the two mentioned levels. However, the trend remains aimed downwards.
Read More: Technical Analysis
Traders remain short
On Monday, trader open position volume showed that 71% of trader open positions were short.
Meanwhile, pending orders 100-points around the rate were 54% to sell.
On Thursday, traders were 72% short, but pending orders were 75% to sell.
Meanwhile, pending orders 100-points around the rate were 54% to sell.
On Thursday, traders were 72% short, but pending orders were 75% to sell.