Economic Calendar
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GBP/USD short-term review
The GBP/USD exchange rate is currently trading near the upper boundary of a descending channel pattern and could be set for a breakout.If the breakout occurs, a surge towards the 1.3900 level could be expected within this session.
However, if the channel pattern holds, bears might target the support level formed by the 55– and 100– hour SMAs at 1.3699 today.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the exchange rate continues to test the resistance of the 1.3900 mark.If the 1.3900 fails to provide resistance, the pair could reach the 100-day simple moving average near 1.3935 and, afterwards, the 1.4000 mark together with the 55-day SMA.
However, a potential decline could once again look for support in the 1.3600 mark before reaching for the January low level near the 1.3500 level.
Daily chart
Read More: Technical Analysis
Traders are short
On Thursday, traders were bullish, as 53% of traders open positions volume on the Swiss Foreign Exchange was in long positions.
On Friday, the market sentiment was 56% short.
Meanwhile, in the 100-pip range around the rate, the pending orders were 77% to sell.
On Thursday, traders were bullish, as 53% of traders open positions volume on the Swiss Foreign Exchange was in long positions.
On Friday, the market sentiment was 56% short.
Meanwhile, in the 100-pip range around the rate, the pending orders were 77% to sell.