The announcement boosted the USD. On the GBP/USD charts it resulted in a jump from 1.2400 up to 1.2470 and a move back down to 1.2400. Economic Calendar
On Friday, the US Flash Manufacturing and Services PMIs could cause an impact on the US Dollar.
GBP/USD short-term view
A continuation of the decline of the GBP/USD could look for support in the low level zone at 1.2345/1.2355. Further below, note the weekly S1 at 1.2320 and the 1.2300 level.However, a recovery of the Pound against the US Dollar could be slowed down by the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.2434, prior to reaching the recent high at 1.2470.
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
Read More: Technical Analysis
Traders are short on GBP/USD
On Wednesday, traders were 62% bearish, as 62% 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 53% to sell the GBP/USD.
On Wednesday, traders were 62% bearish, as 62% 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 53% to sell the GBP/USD.