The following sharp decline reached below the 1.3200 mark by the start of the day's US trading hours at 13:30 GMT. Moreover, the pair reached below the zone of the March high levels at 1.3195/1.3210. Meanwhile, it was spotted that the 100-hour simple moving average's support was still holding near 1.3180. Economic Calendar
On Thursday, at 12:30 GMT, the US Durable Goods Orders, Core Durable Goods Orders and the weekly Unemployment Claims might cause minor moves on USD charts.
Week's notable events will end with the release of the US Manufacturing and Services PMIs at 13:45 GMT on Thursday.
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 passes below the 100-hour simple moving average near 1.3180 against the US Dollar, the pair would have not close by technical support. Namely, the rate might decline to the support zone at 1.3110/1.3130, the weekly simple pivot point at 1.3124 and the 200-hour simple moving average at 1.3125.However, a recovery of the pair would have to reach above 1.3195/1.3210 zone and the 50-hour simple moving average, before reaching for the weekly R1 simple pivot point at 1.3278 and the 1.3250 mark. Further above, note the 1.3300 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD has passed above the zone of the late 2021 low levels. The zone had acted as resistance during the previous week. If the pair extends its surge, it could aim at the 50 and 100-day simple moving averages at 1.3400.Daily chart
Read More: Technical Analysis
Traders are long
Since Tuesday, traders were long, as 66% 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 76% to buy the GBP against USD.
Since Tuesday, traders were long, as 66% 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 76% to buy the GBP against USD.