The drop eventually paused at the 1.3100 mark, which is surrounded by previous support and resistance levels, simple moving averages and the weekly simple pivot point. Namely, the 1.3082/1.3108 zone is acting as support.
Click on the title below to read more on the monetary policy decisions.
Economic Calendar
This week's notable events are over. Next week's events will be described in the Friday's publication.
GBP/USD short-term review
A move below the 1.3080 level might look for support in the 100-hour simple moving average near 1.3070, before approaching the support of the 1.3000 mark.However, a potential recovery of the Pound against the US Dollar could once again encounter resistance at 1.3160 and 1.3200, as it did during this week.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair had reached above the 2019 low level zone, before the Bank of England beat the rate back down. The resistance zone has been updated on the chart.Daily chart
Read More: Technical Analysis
Traders are long
On Thursday, traders were long, as 72% 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 60% to buy the GBP against USD.
On Thursday, traders were long, as 72% 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 60% to buy the GBP against USD.