The GBP/USD currency exchange rate reached and pierced the resistance of the 200-hour simple moving average at mid-day on Wednesday. Previously, during the morning hours of the day, the rate declined and shortly traded below the support of the 100-hour SMA.
Meanwhile, analysts spotted a channel up pattern on the rate's hourly candle chart.
Economic Calendar
On Thursday, note that a minor USD move could be caused by the weekly US Unemployment Claims. The GBP/USD moved 11.7 to 31.6 pips on the release. However, the 31.6 move was created by the simultaneous release of the US CPI. Without the most recent release, the range is 11.7 to 19.9 points.
On Friday, at 07:00 GMT, the UK Retail Sales data will be published. The rate has moved 11.2 to 13.6 pips on the release.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
In the case of a surge, the pair would most likely have to clearly pass the resistance of the weekly simple pivot point and the 200-hour simple moving average at 1.1362. Afterwards, the GBP/USD might make an attempt to reach the resistance of the 1.3500 level and the upper trend line of the channel up pattern.However, a decline of the rate might look for support in the 50 and 100-hour simple moving averages at 1.3430 and 1.3415. Below the SMAs, the lower trend line of the channel pattern might provide support near 1.3400.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has passed below the September low level. The pair has not been this low since December 2020.Daily chart
Read More: Technical Analysis
Traders are long
Since Friday, traders were bullish, as 61% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 61% to sell the GBP against USD.
Since Friday, traders were bullish, as 61% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 61% to sell the GBP against USD.