On Thursday, at 12:30 GMT the US quarterly Preliminary GDP data is set to cause a move in the US Dollar and all of financial markets.
Meanwhile, note a major event this week, which is above data releases. On Friday, throughout the day the heads of the global central banks are meeting at the Jackson Hole symposium in the mountains of the United States. Namely, the head of the US Federal Reserve is hosting an event, where all the policymakers of the world will meet and synchronize their plans.
GBP/USD short-term view
In regards to the near term future, a decline of the pair below 1.1800 could look for support in the 1.1750 level and the Tuesday's low level at 1.1720. Further below, note the 1.1700 mark and the weekly S1 simple pivot point at 1.1693.On the other hand, a recovery of the Pound against the US Dollar would have to pass the resistance of the 100-hour simple moving average and the 1.1850 mark, before approaching the 1.1900 level and the weekly simple pivot point at 1.1921.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate appears to be trading between two zones since mid-June. The pair is respecting resistance of the 1.2270/1.2330 zone. The resistance zone was recently reached by the 100-day simple moving average.Meanwhile, support was found in July in the 1.1760/1.1805 zone, which marks the 2022 low levels.
On August 23, the support zone was pierced, which signals that new low levels could be reached.
Daily chart
Read More: Technical Analysis
Long sentiment increases
On Tuesday, traders were bullish, as 69% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 51% to sell the GBP/USD.
On Wednesday, traders were 69% long and orders were 59% to buy.
On Tuesday, traders were bullish, as 69% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 51% to sell the GBP/USD.
On Wednesday, traders were 69% long and orders were 59% to buy.