On Friday, all attention will be on the US Core PCE Price Index release on Friday at 12:30 GMT.
GBP/USD short-term view
A continuation of the ongoing Pound's recovery against the US Dollar could stop at the 1.2250 mark, which is strengthened by the 200-hour simple moving average. In addition, take into account the upper trend line of the channel down pattern. If the pattern would be broken, the 1.2300 mark and the weekly simple pivot point could act as resistance.However, a decline of the Pound against the Greenback is expected to look for support in the 50 and 100-hour simple moving averages near 1.2150 and 1.2190 and the weekly S1 simple pivot point at 1.2170. Further below, note the lower trend line of the channel pattern and the weekly S1 simple pivot point near 1.2100.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD pair has continued to decline in the channel down pattern and is expected to continue to decline as low as 1.2000. However, the lower trend line of the pattern could act as support and cause a consolidation that might have the form of either a short term recovery or prolonged sideways trading.Daily chart
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Traders are bullish on GBP
On Wednesday, open GBP/USD positions by Swiss Foreign Exchange traders were 72% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 52% to sell.
On Thursday, the open positions were 67% long and pending orders were 59% short.
On Wednesday, open GBP/USD positions by Swiss Foreign Exchange traders were 72% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 52% to sell.
On Thursday, the open positions were 67% long and pending orders were 59% short.