On Wednesday, the British Pound surged by 62 pips or 0.46% against the US Dollar. The currency pair breached the weekly resistance line at 1.3750 during Wednesday's trading session.
Economic Calendar
On Thursday, the US Preliminary GDP could cause a notable reaction in the markets.
GBP/USD short-term review
All things being equal, the exchange rate could continue to trend higher in an ascending channel pattern during the following trading session. The potential target for the GBP/USD pair will be near the 1.3820 area.However, technical indicators suggest selling signals on the daily time-frame chart. Most likely, the currency exchange rate could make a brief pullback within this session.
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
On Wednesday, traders were long, as 53% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Thursday, the long sentiment decreased to 51% 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 78% to sell. The orders were 73% to buy on Wednesday.
On Wednesday, traders were long, as 53% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Thursday, the long sentiment decreased to 51% 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 78% to sell. The orders were 73% to buy on Wednesday.