On Wednesday morning, the support of the 50 and 100-hour simple moving averages together with the weekly simple pivot point failed to provide support at the 1.3530/1.3550 zone. This resulted in a decline, which at 13:30 GMT was boosted by the US Consumer Price Index release.
By the middle of the day's US trading hours, the rate was heading to the 1.3450 level and the October and November low level zone at 1.3410/1.3430.
Economic Calendar
On Thursday, the UK Preliminary Quarterly GDP data might cause a move from 8.1 to 16.0 pips, as it has done so since August 2020.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
If the GBP/USD currency exchange rate passes the support of the 1.3450 level and the October and November low level zone of 1.3410/1.3430, the rate could extend its decline. A potential move lower might find support first in the 1.3400 level and afterwards the weekly S1 simple pivot point at 1.3386.On the other hand, a recovery of the pair could encounter resistance in the 100-hour simple moving average at 1.3521, the 50-hour simple moving average at 1.3550 and the weekly simple pivot point at 1.3543.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has passed the support zone that was located below the 1.3600 mark. Next target on the chart is the September low level at 1.3412.Daily chart
Read More: Technical Analysis
Traders go long
On Wednesday, traders were bullish, as 58% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Tuesday, the situation changed, as 51% of volume was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 91% to buy the GBP against USD.
The orders were 76% to sell on Tuesday,
On Wednesday, traders were bullish, as 58% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Tuesday, the situation changed, as 51% of volume was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 91% to buy the GBP against USD.
The orders were 76% to sell on Tuesday,