The GBP/USD currency exchange rate surged on Tuesday, as it reached above the resistance of the 50 and 100-hour simple moving averages near 1.3530 and 1.3550. At mid-day European trading hours, the pair shortly reached above the 1.3560 level.
Economic Calendar
On Thursday, the publication of the US Consumer Price Index and US Core Consumer Price Index data at 13:30 GMT is set to impact the value of the US Dollar. Note that at the same time, the weekly US Unemployment Claims will be published.
On Friday, February 11, at 07:00 GMT, the UK Preliminary quarterly Gross Domestic Product data will be published. A GBP move on all Pound charts can be expected.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
If the Pound continues to surge against the US Dollar, the pair could aim at the February high level zone at 1.3615/1.3628. Above the resistance zone, the weekly R1 might stop a surge at 1.3646.However, a decline of the currency pair might look for support in the 50-hour SMA near 1.3530, the weekly simple pivot point at 1.3517 and the 200-hour SMA at the 1.3500 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate appears to be ignoring technical levels, as the 50 and 100-day simple moving averages did not manage to impact the currency exchange rate for more than one trading session. Namely, the two SMAs had acted as resistance.Next target for the surge of the pair is the 200-day simple moving average, which reversed the rate's surge in mid-January.
Daily chart
Read More: Technical Analysis
Traders are short
Since Monday, traders were mostly bearish, as 62% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, on Tuesday, in the 100-pip range around the rate the pending orders were 52% to buy the GBP against USD.
Since Monday, traders were mostly bearish, as 62% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, on Tuesday, in the 100-pip range around the rate the pending orders were 52% to buy the GBP against USD.