There are no notable events scheduled for the holiday week.
GBP/USD hourly chart analysis
In the case of the moving averages pushing the rate up, it could encounter resistance in the 1.2780/1.2795 range, the 1.2800 mark and the weekly R1 simple pivot point at 1.2812. Higher above, note the August high level at 1.2819.However, if the Pound declined against the US Dollar below the moving averages, the weekly simple pivot point could act as support at 1.2656. Below the pivot point, the 1.2590/1.2610 range could once again impact the rate.
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. Meanwhile, pending orders were 55% to buy.
On Wednesday, traders were 54% short and orders were 63% to buy.
Last week, traders were 55% short. Meanwhile, pending orders were 55% to buy.
On Wednesday, traders were 54% short and orders were 63% to buy.