On Friday, the US Consumer Price Index release at 12:30 GMT is set to impact all financial markets through the value of the USD.
GBP/USD short-term review
A move of the Pound down against the US Dollar might look for support in the wide June low level zone at 1.2430/1.2480. In addition, the 1.2500 mark might act as support.A surge above 1.2550 and the 50 and 200-hour simple moving average might encounter resistance in the trend line, which connects the recent high levels. Higher above, take into account the 1.2600 level and the weekly R1 simple pivot point at 1.2611.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the 50-day simple moving average is approaching the rate from above, and it could act as resistance.Higher above, note the March and April support zone near 1.3000. Namely, the 1.3000 mark could act as resistance.
Daily chart
Read More: Technical Analysis
Traders are short
On Wednesday, traders were 55% 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 52% to buy the GBP/USD.
On Thursday, the open positions were 56% short and pending orders were 53% to buy.
On Wednesday, traders were 55% 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 52% to buy the GBP/USD.
On Thursday, the open positions were 56% short and pending orders were 53% to buy.