By the time the GBP/USD Trading Idea publication was made, the second scenario of the morning GBP/USD Technical Analysis article became reality. The pair broke the upper trend line of a channel down pattern.
By the middle of Wednesday's London Trading session, the rate had also surged above technical levels that were located near 1.2880.
Economic Calendar
This week there are no more data releases, which might impact this rate.In the meantime, if you are interested in catching a macroeconomic data move, take a look at the historical move tables.
In addition, note that next week's data tables are scheduled to be published on Thursday.
Read More: 25.11-29.11 Event Historical Reactions
GBP/USD short-term review
On the hourly candle chart, resistance levels from 1.2874 to 1.2883 were broken during the morning hours of the day's trading.In theory, the rate should continue to surge. In that case the 200-hour SMA at 1.2903 would provide technical resistance.
However, it was spotted that the levels from 1.2874 to 1.2883 could not provide support. Namely, the rate bounced around and between them, without making pauses. It signals that a decline is also possible.
Hourly Chart
On the daily candle chart, the rate is approaching the support of a large scale channel up pattern.
Daily chart
Read More: Technical Analysis
Traders are mostly short
On Wednesday, 67% of open GBP/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader orders were set to buy. In the 100-pip range, 55% of orders were to buy and 45% were to sell.
Meanwhile, trader orders were set to buy. In the 100-pip range, 55% of orders were to buy and 45% were to sell.