By the middle of the day's European trading hours, the currency rate had reached below the 1.2200 mark and the weekly S1 simple pivot point at 1.2197. Economic Calendar
At 12:30 GMT, US Producer Price Index and Core Producer Price Index data will reveal inflation levels at the production level. In addition, take into account that the weekly US Unemployment Claims are scheduled to be released at the same time. Note that on their own, the claims have not been capable of increasing volatility. The moves on USD on April 28 were caused by the release of the negative US GDP, not the Unemployment Claims.
To see historical move tables click on the link below.
GBP/USD short-term review
In the near term future, the decline of the Pound against the US Dollar could look for support in the 1.2150 and 1.2100 levels, before aiming at the weekly S2 simple pivot point at 1.2055 and the 1.2050 mark.On the other hand, a recovery of the Pound is expected to encounter resistance in the 2020 July low level at 1.2260 and the 1.2250 level. Higher above, take into account the approaching 50 and 100-hour simple moving averages near 1.2300.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has passed below the 2020 July low level at 1.2260. Below this level, take into account the 2020 May low at 1.2075.Daily chart
Read More: Technical Analysis
Traders are mostly long
On Wednesday, traders were 70% bullish, as 70% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.
On Thursday, traders were 71% long and pending orders were 59% to sell.
On Wednesday, traders were 70% bullish, as 70% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.
On Thursday, traders were 71% long and pending orders were 59% to sell.