The GBP/USD exchange rate failed to decline below the Fibo 50.00% at 1.2418.
It was expected that the rate would decline, as it is pressured by the 55- and 200-hour moving averages near 1.2480.
Economic Calendar
There are a couple of events, which could impact the GBP/USD currency exchange rate.
On Thursday, macroeconomic data set release from the US could impact the market. The US Durable Goods Orders, Final GDP and Unemployment Claims data are set to be published at 12:30 GMT.
GBP/USD short-term review
On Tuesday, the GBP/USD exchange rate breached the medium-term ascending channel north. As apparent on the chart, the rate reversed south from the 1.2540 mark.It is likely that some downside potential could prevail in the market, as the currency pair could be pressured by the 55– and 200-hour SMAs in the 1.2480 area. In this case the pair could target the monthly PP at 1.2346.
Meanwhile, note that the pair could gain support from the Fibo 50.00% at 1.2418. If the given level holds, it is likely that the British Pound could trade sideways against the US Dollar in the short term.
Hourly Chart
On the daily candle chart, the pair has gained support from the monthly PP at 1.2346.
In the meantime, the rate is being approached by the additional technical resistance of the 100-day simple moving average, which on Thursday was located near the 1.2500 level.
Daily chart
Read More: Technical Analysis
Traders are relatively neutral
On Thursday, 52% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Monday, the sentiment was 60% short.
Meanwhile, in the 100-pip range around the rate, 54% of pending orders were set to sell the GBP/USD.
On Monday, the sentiment was 60% short.
Meanwhile, in the 100-pip range around the rate, 54% of pending orders were set to sell the GBP/USD.