Since mid-Monday's trading, the GBP/USD bounced off the resistance of the 200-hour simple moving average, retraced and found support in the 1.3200 mark and succeeded to pass the 200-hour SMA. At mid-day on Tuesday, the pair had reached the 1.3260 level, where the GBP/USD faced the resistance of the 100-hour SMA and the weekly simple pivot point.
Economic Calendar
On Wednesday, at 13:30 GMT, the US Dollar might react to the publication of the US Final GDP. Although, the only release for more than a year, which caused a noteworthy move was the latest one, September 30 2021.
On Thursday, at 13:30 GMT the US Durable Goods Orders and Core Durable Goods orders data will be published. However, during the prior months the data release has not caused increases of volatility.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
In the case that the pair passes the resistance of the weekly simple pivot point at 1.3265, the GBP/USD might encounter resistance in the zone above 1.3280. Higher above, take into account the weekly R1 at 1.3357, before the December high level.On the other hand, a decline of the pair could find support immediately in the 200 and 50-hour simple moving averages at 1.3242, 1.3232. Below the SMAs, the 1.3200 level is most likely set up to stop a potential drop of the GBP against the USD.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate remains in the borders of the large scale channel down pattern. Note the lower trend line of the pattern near 1.3150. Most recently, the currency pair bounced off the trend line.Daily chart
Read More: Technical Analysis
Long sentiment grows
On Monday, traders were bullish, as 64% 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 56% to buy the GBP against USD.
On Tuesday, the positions were 67% long and the pending orders were 51% to sell.
On Monday, traders were bullish, as 64% 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 56% to buy the GBP against USD.
On Tuesday, the positions were 67% long and the pending orders were 51% to sell.