As forecast, the GBP/USD currency exchange rate reached the support of the 55-hour simple moving average. Since the middle of Wednesday's trading hours, the rate has been pushed up by the SMA.
By the middle of Thursday's trading, the rate had been pushed above the 1.4170 mark.
Economic Calendar
This week, the US Preliminary GDP will be published on Thursday at 13:30 GMT. The rate has moved from 11.5 to 16.8 pips.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
Yesterday, the GBP/USD exchange rate failed to exceed the psychological level at 1.4250.It is likely that the currency pair could gain support from the 55– and 100-hour SMAs, as well the weekly R1 in the 1.4100 area. Thus, some upside potential could prevail in the market.
Note that the pair could face the resistance level—the weekly R3 at 1.4299. If the given level holds, the rate could bounce off. Otherwise, the pair could target the 1.4350/1.4400 range.
Hourly Chart
On the daily candle chart, the rate continues to surge in a broad channel up pattern, which has guided the rate since March.
Meanwhile, note that the rate could eventually test the resistance of the 2018 high level at 1.4377.
Daily chart
Read More: Technical Analysis
Traders remain mostly short
Since Wednesday, 75% of trader open position volume on the Swiss Foreign Exchange was in short positions. Traders appear to be waiting for a retracement back down.
Meanwhile, in the 100-pip range around the rate the pending orders were 56% to sell the GBP/USD pair.
The orders were 60% to sell on Wednesday.
Since Wednesday, 75% of trader open position volume on the Swiss Foreign Exchange was in short positions. Traders appear to be waiting for a retracement back down.
Meanwhile, in the 100-pip range around the rate the pending orders were 56% to sell the GBP/USD pair.
The orders were 60% to sell on Wednesday.