During the first part of Wednesday's European trading hours, the GBP/USD was approaching the resistance zone near 1.1950, as the weekly simple pivot point provided support at 1.1876. Economic Calendar
On Wednesday, at 13:30 GMT, the financial markets might react to the US Durable Goods Orders and Unemployment Claims publication.
Later on, at 14:45 GMT, the Markit Services and Manufacturing Purchasing Managers Indices for the US could cause an adjustment of the US Dollar's value.
The day and the week's notable events will end with the release of the US Federal Reserve FOMC Meeting Minutes at 19:00 GMT. The Meeting Minutes are the protocol of the last US Fed meeting. New details might be in the file.
GBP/USD short-term view
If the Pound reaches above the 1.1950 mark against the US Dollar, the 1.2000 level is expected to act as resistance. In mid-November, the pair shortly pierced the round level, but reversed, as it approached the 1.2030 level. Higher above, note the weekly R1 simple pivot point at 1.2041.However, a decline below the weekly simple pivot point at 1.1876 could find support in the 50, 100 and 200-hour simple moving averages in the 1.1840/1.1860 range. Further below, note that the 1.1800 is set to slow down the rate, before the 1.1762/1.1779 zone would be reached.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has reached the resistance of the 200-day simple moving average. In the meantime, note that the 100-day SMA has been left behind near the 1.1600 mark.Daily chart
Read More: Technical Analysis
Traders are short
On Wednesday, traders were bearish, as 58% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.
On Tuesday, traders were still 59% short and pending orders were 60% to sell.
On Wednesday, traders were bearish, as 58% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.
On Tuesday, traders were still 59% short and pending orders were 60% to sell.