The Tuesday drop of the GBP/USD consolidated during the second part of the day's trading. On Wednesday morning, the pair resumed the decline, as the rate almost touched the 1.3500 mark.
Moreover, the pair had no technical support as low as 1.3463, where the weekly S3 simple pivot point was located at.
Economic Calendar
On Thursday, at the same time as the US GDP, the US weekly Unemployment Claims could also impact the USD. The GDP has caused moves from 10.9 to 17.9 pips. The Claims have moved the GBP/USD from 6.6 to 12.2 points.
On Friday, at 14:00 GMT a notable move could be created by the US ISM Manufacturing PMI results. The GBP/USD moves from 11.5 to 21.1 points on the release.
GBP/USD short-term review
In the case that the GBP/USD pair reaches below the 1.3500 level, it would look for support in the weekly S3 simple pivot point at 1.3463. Afterwards, below the pivot point, the 1.3450 mark could provide support.Meanwhile, a potential recovery might encounter resistance in the weekly S2 simple pivot point before aiming at the cluster of summer low levels from 1.3573 to 1.3608.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has passed the support of the summer low levels. Note that the zone was passed in a one, clear, large move.Future support on the larger scale could be provided by round exchange rate levels.
Daily chart
Read More: Technical Analysis
Traders are long
On Wednesday, traders were long, as 58% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 74% to buy.
On Wednesday, traders were long, as 58% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 74% to buy.