On Wednesday morning, the pair was being squeezed in between the weekly simple pivot point's resistance at 1.2333 and the support of the 200-hour simple moving average near 1.2310. Economic Calendar
On Thursday, the US Advance GDP data is set to reveal whether the United States are or are not experiencing a decline in the Gross Domestic Product at 13:30 GMT. The Advance GDP is the first data set that reveals how the economy has done in the last quarter.
The week will end with the publication of the US Core PCE Price Index. This index is the one being used by the US Federal Reserve to measure the impact of inflation on the consumers. It is seen by some as more important than the CPI. The release is scheduled for 13:30 GMT.
GBP/USD short-term view
A move below the 200-hour simple moving average and the 1.2300 mark could once again look for support in the 1.2260/1.2265 range. Close below this range note the strong support and resistance zone at 1.2240/1.2255. It is highly likely that this zone is going to impact the currency exchange rate.On the other hand, a resumption of the Pound's surge against the US Dollar is set to face the combined resistance of the weekly simple pivot point, the 50 and 100-hour simple moving averages, which are all located in the 1.2333/1.2363 range. Higher above, note the 1.2400 mark and the zone near 1.2450.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair trades between a resistance zone at 1.2305/1.2455 and support zone at 1.1740/1.1840. Most recently, the surge began to once again test the resistance zone.Daily chart
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Traders are shorting
On Wednesday, traders were 63% bearish, as 63% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 55% to buy sell the GBP/USD.
This week, the open positions were 62% short and pending orders were 51% to buy.
On Wednesday, traders were 63% bearish, as 63% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 55% to buy sell the GBP/USD.
This week, the open positions were 62% short and pending orders were 51% to buy.