Since the middle of Monday's trading, the GBP/USD has continued to trade between the 1.3700 and 1.3750 levels. On Wednesday morning, the rate was approached by the support of the 55-hour simple moving average near 1.3710 and the 200-hour simple moving average at 1.3740.
Economic Calendar
On Wednesday, US Durable Goods Orders release at 12:30 GMT could cause an adjustment in the value of the US Dollar. All the pairs that involve the USD are bound to move.
On Thursday, the US Preliminary GDP could cause a notable reaction in the markets.
GBP/USD short-term review
A breaking of the resistance of the 1.3750 level could result in a surge to the 1.3800 mark. Note that the 1.3800 level's resistance was being strengthened by the weekly R1 simple pivot point at 1.3805.However, a decline below the 1.3700 level and the weekly simple pivot point at 1.3704 could look for support in the 100-hour simple moving average at 1.3680. A failure of the SMA to provide support would most likely result in another decline to the 1.3600 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the support of the 1.3600 mark has once again worked. The rate has recovered after finding support in the round exchange rate level.Meanwhile, note that the pair's recovery could find resistance in the 55, 100 and 200-day simple moving averages in the 1.3800/1.3920 zone.
Daily chart
Read More: Technical Analysis
Traders set up sell orders
Since Friday, traders were long, as 58% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Tuesday, the long sentiment decreased to 55% long. By the middle of Wednesday's trading hours, the sentiment was 53% long.
Meanwhile, in the 100-pip range around the rate the pending orders were 73% to sell. The orders were 68% to buy on Tuesday.
Since Friday, traders were long, as 58% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Tuesday, the long sentiment decreased to 55% long. By the middle of Wednesday's trading hours, the sentiment was 53% long.
Meanwhile, in the 100-pip range around the rate the pending orders were 73% to sell. The orders were 68% to buy on Tuesday.