- SWFX market sentiment is 67% bullish
- 67% of pending orders in the 100-pip range are to BUY
- Crude Oil Inventories
The GBP/USD exchange rate remained stable on Wednesday, as it was pressured by the 55-hour SMA.
The US Federal Reserve announcement Interest Rates that came in line with expectation of <2.00% and the actual rate of <2.00% .
James McCann, senior global economist at Aberdeen Standard Investments says: The Fed "has already attracted the ire of the president for raising rates. This political interference is clearly unhelpful but may return as September approaches. I can't see Trump's tweets making [Fed Chairman Jerome] Powell change his course but it will be a test of his mettle to navigate the minefield of questions he'll inevitably get."
Crude Oil Inventories
On Wednesday, the US crude oil inventories data will be released at 15:30 GMT. This event will be covered by the Dukascopy research team on bank live webinar, which will begin at 15:00 GMT.
GBP/USD pressured by 55-hour SMA
The GBP/USD exchange rate remained stable on Tuesday, as it was pressured from both sides by the 55-day SMA and the monthly and weekly S1s.The pair was trading near the former for the most part of the session, but nevertheless failed to gather the necessary bullish momentum to break out. This demonstrates that some bearish movement could prevail today. The closest target is the 61.80% Fibonacci retracement and the senior channel line at 1.29, while the weekly S1 is located at 1.2855.
The bullish scenario should likewise be considered if the 55-hour SMA is surpassed. In this case, the daily high should be around 1.30 where the 100-hour SMA is located.
Hourly Chart
The GBP/USD currency exchange rate continued to decline in value for the last three months. This fall occurred when the pair broke a long-term ascending channel on April 27.
Furthermore, the Japanese candlestick opens above a support cluster set by the combination of the weekly and the monthly pivot points near the 1.29 mark. This could suggest that an upside movement on the smaller time frame is apparent during the following trading sessions.
Daily chart
SWFX traders are bullish today on the GBP/USD pair, as 67% of open positions were LONG during the morning hours. Moreover, traders set up orders are also bullish during the morning hours, as 67% of trader set up orders are LONG.
Meanwhile, the market sentiments of OANDA traders are bullish on the GBP/USD pair as 68% of open positions are LONG. In addition, Saxo bank traders are 63% bullish in regards to this exchange rate.
Spreads (avg, pip) / Trading volume / Volatility