The main update in regards to the GBP/USD was the reveal of a channel up pattern, which has guided the rate since the end of September.
In the meantime, note that the rate was being impacted by the hourly simple moving averages.
Economic Calendar
On Wednesday, note that some calendars show the FOMC Meeting Minutes at 18:00 GMT. This is a publication of the minutes without a rate statement. In the past, this event has not caused sharp moves, as the Meeting Minute impact comes on gradually while the markets read and analyse.
On Thursday, as always the US Unemployment Claims at 12:30 GMT might cause a minor move.
On Friday, at 06:00 GMT, GBP pairs could move on the publication of the UK GDP data. The event has caused moves from 8.5 to 20.6 pips.
Click on the link below to find out more about the data releases.
GBP/USD short-term review
The GBP/USD exchange rate has revealed a short-term ascending channel.From a theoretical perspective, it is likely that some upside potential could prevail in the market, as the currency pair should target the upper channel boundary located circa 1.3020.
Meanwhile, note that the exchange rate is pressured by the 55– and 100-hour moving averages in the 1.2940 area. Thus, a breakout south could occur, and in this case the rate would target the weekly S1 at 1.2801.
Hourly Chart
On the daily candle chart, the 55-day simple moving average was strengthening the resistance of the 1.3000 mark.
Note that the 1.3000 level stopped the rate's surge in the middle of September.
In the meantime, the 100-day SMA was approaching the rate and could soon support the 1.2800 level.
Daily chart
Read More: Technical Analysis
Traders go short
On Wednesday, 54% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Tuesday, the sentiment was 51% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 51% to sell the GBP/USD pair.
Previously, the orders were 53% to buy.
On Wednesday, 54% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Tuesday, the sentiment was 51% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 51% to sell the GBP/USD pair.
Previously, the orders were 53% to buy.