The GBP/UD has declined. By the middle of Wednesday's trading, the currency exchange rate had touched the 1.2888 level.
The rate was likely to continue the decline, as the closest by technical support levels were located above the 1.2870 level.
Economic Calendar
This week, the GBP/USD is expected to be impacted by one event.On Wednesday, the FOMC Meeting Minutes are set to be published at 19:00 GMT. Since April, the rate has moved from 7.4 to 14.6 pips in the five minutes following the release.
The week's reaction tables have been published. Take a look at the 18.11-22.11 Event Historical Reactions publication.
Read More: 18.11-22.11 Event Historical Reactions
GBP/USD short-term review
On Wednesday, on the hourly candle chart Dukascopy Analysts spotted a channel down pattern, which captures the decline, which started on Tuesday.The rate is expected to continue to decline in the borders of this pattern until it reaches the support of the 200-hour SMA and the weekly simple pivot point near 1.2870. If these support levels are passed, the rate would next aim at the weekly S1 pivot point at 1.2823.
On the other hand, the support levels could hold and break the channel down pattern.
Hourly Chart
On the daily candle chart, an adjustment has been made to the almost horizontal channel pattern. If one uses the high and low levels of the daily candles instead of open and close prices, a different picture from the previous appears.
Namely, the pattern was not pierced during the recent surge. It is still intact and its upper trend line provided resistance to the decline, which started on Tuesday.
Daily chart
Read More: Technical Analysis
No more sell orders
Since Tuesday, 65% of open GBP/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader orders were almost neutral. In the 100-pip range, 53% of orders were to buy and 47% were to sell.
Previously, the orders were massively bearish, as 76% of orders were to sell.
Meanwhile, trader orders were almost neutral. In the 100-pip range, 53% of orders were to buy and 47% were to sell.
Previously, the orders were massively bearish, as 76% of orders were to sell.