On Friday, the US Flash Manufacturing and Services PMIs could cause an impact on the US Dollar.
GBP/USD short-term view
A move above 1.2475 could be stopped by the 1.2500 mark and the weekly R1 simple pivot point at 1.2523. Higher above, note the April high level at 1.2546.However, a decline would have to pass below 1.2390, before approaching the support zone at 1.2345/1.2355.
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
Since 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 52% to buy the GBP/USD.
Since 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 52% to buy the GBP/USD.