On the GBP/USD charts it resulted in a surge, which by mid-Thursday was testing the resistance of the April high level zone at 1.2510/1.2525. Economic Calendar
On Thursday, at 12:30 GMT, US inflation at the producer level will be revealed. The US Producer Price Index is set to be released at that time.
On Friday, the US Retail Sales data might cause a reaction in the financial markets at 12:30 GMT.
GBP/USD short-term view
A move above 1.2525 could be slowed down by the weekly R1 simple pivot point at 1.2533. Higher above, round exchange rate levels might act as resistance, before the weekly R2 simple pivot point is reached at 1.2654.In the case of a decline of the pair, the rate could look for support immediately in the 1.2500 mark, which has acted as resistance overnight. Further below, note the 1.2450 mark and the ascending 50, 100 and 200-hour simple moving averages.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has passed the resistance zone of the 2023 high levels at 1.2300/1.2450. Higher above, the late 2022 high level zone could stop the pair at 1.2600.Daily chart
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Traders are short on GBP/USD
On Thursday, traders were 65% bearish, as 65% 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 56% to buy the GBP/USD.
On Thursday, traders were 65% bearish, as 65% 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 56% to buy the GBP/USD.