There are no notable events scheduled for the holiday week.
GBP/USD hourly chart analysis
A resumption of the broader surge could encounter resistance in the 1.2900 mark and the combination of the weekly R2 simple pivot point and the 1.2950 level.On the other hand, a decline below the 1.2780/1.2795 zone could result in the rate looking for support in the 50 and 100-hour simple moving averages near 1.2750 and 1.2725.
Hourly Chart
GBP/USD daily candle chart analysis
On the daily candle chart, resistance is provided by the 1.2800/1.2850 range. This range kept the pair down in June and August. A move above it could encounter resistance in the 1.3000 mark, before the rate reaches the July high levels above 1.3100.On the other hand, it appears that the decline would look for support in the 1.2600 mark and the ascending trend line which has pushed the pair up since October.
Daily chart
Read More: Technical Analysis
Traders are short
Last week, traders were 55% short. It could be the case that some have taken profits. Meanwhile, pending orders were 55% to buy.
On Wednesday, traders were 54% short and orders were 63% to buy.
By mid-Thursday, positions were 56% short and orders were 55% to buy.
On Wednesday, traders were 54% short and orders were 63% to buy.
By mid-Thursday, positions were 56% short and orders were 55% to buy.