The GBP/USD did not even start an attempt at testing the support levels that are located from 1.3608 to 1.3574. Instead, in the aftermath of the Federal Reserve announcing its monetary policy, the rate began a surge. Moreover, the surge was fuelled on Thursday by the Bank of England's monetary announcements.
By mid-day on Thursday, the rate had reached above the 1.3700 level. Moreover, it faced no technical resistance as high as the 200-hour simple moving average at 1.3750.
Economic Calendar
GBP/USD short-term review
Note that the 1.3750 round level could provide resistance on its own. Above these levels, the weekly simple pivot point at 1.3795 and 1.3800 are capable of stooping a surge.However, a decline of GBP/USD would look for support in the weekly S1 simple pivot point and the 100-hour simple moving averages at 1.3675. Below these levels, the 55-hour SMA at 1.3655 could provide support.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate jumped before reaching the summer low level zone that is located below the 1.3600 mark.The ongoing recovery of the GBP/USD could encounter resistance at the 1.3800 level, where the 55-day simple moving average was located at. In addition, take into account the 200-day SMA at 1.3839 and the 100-day SMA at 1.3900.
Daily chart
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Traders open short positions
On Thursday, traders were slightly short, as 54% of trader open position volume on the Swiss Foreign Exchange was in short positions.
At mid-Wednesday, the sentiment was 50% long and 50% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 81% to sell. The orders were 59% to buy on Wednesday
On Thursday, traders were slightly short, as 54% of trader open position volume on the Swiss Foreign Exchange was in short positions.
At mid-Wednesday, the sentiment was 50% long and 50% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 81% to sell. The orders were 59% to buy on Wednesday