- The Swiss market is 52% bullish
- Pending orders in the 100-pip range are 52% set to buy
- No data releases will impact GBP/USD on Wednesday
The GBP/USD continues to book new low levels, as expected. On Wednesday, the currency exchange rate had touched the 1.2900 mark.
Latest Fundamental Event
The British Pound depreciated against the US Dollar, following the UK Retail Sales data release on Thursday at 08:30 GMT. The GBP/USD exchange currency rate lost 8 pips or 0.06% during a minute, right after the release. The British Pound continued trading at the 1.3101 area.
The Office for National Statistics released UK Retail Sales data that came out lower-than-expected of negative 0.8% compared with forecasted negative 0.4%.
The ONS Head of Retail Sales Rhian Murphy said: Retail continued to grow in the three months to September with jewellery shops and online stores seeing particularly strong sales. This was despite a stark slowdown in food sales in September, following a bumper summer."
Next data for GBP/USD will be on Thursday
On Tuesday, UK Bank of England Governor Carney's Speech did not change the course of the GBP/USD.Meanwhile, note that on Thursday the US Durable Goods Orders will be published at 12:30 GMT. This event is expected to impact the GBP/USD through the strength of the US Dollar.
Besides this event, the publication of the US Advance GDP on Friday at 12:30 GMT might impact the GBP/USD currency exchange rate.
Dukascopy Analytics intend to cover both data releases on the bank's webinar platform.
GBP/USD short term review
In regards to the near-term future, most likely, the British pound will trade downwards to stay at the 1.2900 level during the trading session. Meanwhile, the 55-hour simple moving average will try to catch up the rate to give resistance to the rate on Wednesday.On the other side, the British pound could trade sideways to stay at 1.2920 level due to a lack of fundamental news for the currency pair during the trading session on Wednesday.
Hourly Chart
The decline on the daily chart has broken free from all the chart's technical levels. Namely, the 55-day simple moving average was left at the 1.30 mark.
In the next trading sessions, most likely, the GBP/USD will reveal its dominant pattern, which is expected to show the descent of the pair.
Daily chart
In addition, in the 100-pip range around the currency rate trader pending orders are close to neutral. Namely, 53% of orders are set to buy.
In general, traders are very cautious about the GBP/USD, as Brexit news might cause sudden bounced and crash all technical indicators and drawings.