- SWFX market sentiment is 62% bullish
- 62% of pending orders in the 100-pip range are to BUY
- Busy Macroeconomic Data releases for the British Pound
Thursday's session begins with GBP/USD trading with high volatility, thus allowing the pair to crash by 56 base points during the morning UK's session.
The Bureau of Economic Analysis released Gross Domestic Product data that came lower-than-expected of 4.1%, compared with the forecasted 4.2% but better than previous periods.
The US President Donald Trump said: "Somebody actually predicted today 5.3 [percent growth]. I don't think that's going to happen…if it has a 4 in front of it, we're happy. If it has like a 3, but it's a 3.8, 3.9, 3.7, we're OK. These are unthinkable numbers. If I would have used these numbers during the campaign, the fake news back there would've said he's exaggerating."
Busy Macroeconomic Data releases for the British Pound
There will be several macroeconomic data releases today that could influence the GBP/USD currency pair. Namely, Britain Construction PMI, BOE Inflation Report, MPC Official Bank Rate Votes, Monetary Policy Summary, Official Bank Rate and BOE Gov Carney Speaks.
Some of these data releases will be covered by the Dukascopy research team on bank live webinar platform.
GBP/USD shown some volatility
The medium term trend line, which held its ground on the GBP/USD charts at the end of August, has managed to provide enough downwards momentum for the currency rate to book a certain decline.On Thursday morning it was discovered that the currency exchange rate seems to be descending in a junior channel down pattern. If the pattern holds its ground, the currency pair is set to decline down to the support of the weekly S1 at the 1.3047 level.
Meanwhile, a short term surge should take place in the borders of the descending pattern, if its support line holds.
Hourly Chart
When taking a look at the daily time frame of the GBP/USD pair, it was discovered that exchange rate has been moving lower since May when the channel was formed. There were no changes to the overall position for this currency pair.
However, the Japanese candlestick opens above the weekly pivot point at 1.3130 today; this could suggest that the overall position on the one-hour time frame might change within this session.
Daily chart
SWFX traders are also bullish today on the GBP/USD pair, as 62% of open positions were LONG during the morning hours. Furthermore, traders set up orders are along bullish during the morning hours, as 62% of trader set up orders are to BUY the exchange rate.
Meanwhile, the market sentiments of OANDA traders are bullish on the GBP/USD pair as 68% of open positions are LONG. In addition, Saxo bank traders are 59% bullish in regards to this exchange rate.
Spreads (avg, pip) / Trading volume / Volatility