The release of the UK GDP on Friday at 07:00 GMT is bound to impact this rate from the Pounds side.
GBP/USD short-term view
From a technical perspective, the rate passed below the support zones near 1.2250 and confirmed them as resistance, before plummeting to 1.2150.A further extension of the decline might look for support in round price levels, as the move would result in the pair being below the weekly pivot points and far below the hourly simple moving averages. On the other hand, a potential retracement might encounter resistance in weekly S2 at 1.2184 and the 1.2200 mark, before approaching the support and resistance zones near 1.2250.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has bounced off the resistance zone at 1.2305/1.2455. Moreover, it has passed below the combined support of the 50-day simple moving average and the lower trend line of the channel up pattern, which had guided the pair up since late September.Next target for the decline could be the 100 and 200-day simple moving averages and the support zone at 1.1740/1.1840.
Daily chart
Read More: Technical Analysis
Traders are almost neutral
After the fundamental events, traders were 53% bearish, as 55% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 65% to buy the GBP/USD.
After the fundamental events, traders were 53% bearish, as 55% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 65% to buy the GBP/USD.