GBP/USD reveals support and resistance

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The GBP/USD continues to trade in the range, which was established after the UK CPI release. Resistance is located at 1.2468/1.2474 and support is at 1.2393/1.2405.

Economic Calendar



On Friday, the US Flash Manufacturing and Services PMIs could cause an impact on the US Dollar.

GBP/USD short-term view

A move above 1.2475 could be stopped by the 1.2500 mark and the weekly R1 simple pivot point at 1.2523. Higher above, note the April high level at 1.2546.

However, a decline would have to pass below 1.2390, before approaching the support zone at 1.2345/1.2355.

Hourly Chart

GBP/USD daily chart's review

On the daily candle chart, the pair has passed the resistance zone of the 2023 high levels at 1.2300/1.2450. Higher above, the late 2022 high level zone could stop the pair at 1.2600.
Daily chart


Traders are short on GBP/USD


Since Wednesday, traders were 62% bearish, as 62% 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 52% to buy the GBP/USD.

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