Since mid-Thursday, the GBP/USD has been trading above the support of the 1.3360/1.3375 zone. At mid-day on Friday, the pair bounced off the support zone and suddenly surged to the 50-hour simple moving average at 1.3425.
Economic Calendar
GBP/USD short-term review
A move above the 50-hour simple moving average could find resistance in the combination of the weekly S2 simple pivot point and the 100-hour simple moving average at 1.3450. Higher above, note the 1.3500 mark and the weekly S1 simple pivot point.Meanwhile, a decline would once again look for support in the 1.3360/1.3375 zone and the weekly S3 simple pivot point. Further below, the pair could be stopped by the 1.3350 or 1.3300 levels.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has declined below the support of the 50-day simple moving average and the 1.3412 mark, which represents the September low level. The next target for the pair could be the 1.3200 mark.Daily chart
Read More: Technical Analysis
Traders are short
On Thursday, traders were mostly bearish, as 61% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 78% to buy the GBP against USD.
On Friday, the sentiment became 58% short, and the orders were 60% to buy.
On Thursday, traders were mostly bearish, as 61% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 78% to buy the GBP against USD.
On Friday, the sentiment became 58% short, and the orders were 60% to buy.