Economic Calendar
Moderate levels of volatility could be expected this week for GBP/USD, as both the UK and the United States are releasing Manufacturing PMI data.
GBP/USD hourly chart analysis
The currency pair has been trading within a range from 1.25080 to 1.2600. The consolidation phase may soon end if significant fundamental news or larger-than-expected trading volume enters the market. Upside momentum could push the price toward the 1.26050 resistance level. If no significant upward momentum occurs, the 1.25080 support level could be tested.
Hourly Chart
GBP/USD daily candle chart analysis
On the daily timeframe, the descending channel pattern has been broken; however, it may take a few days to fully confirm whether the descending channel is reversing. Additionally, the simple moving averages indicate that the current FX price is below the average prices for the 55, 100, and 200-day periods.Read More: Technical Analysis
Traders are long
On December 30th, the Dukascopy Trader Sentiment Monitor suggests that the majority, more than 74%, of traders are participating in the market as buyers, with the rest as sellers.
Compared to other GBP currency pairs, only EUR/GBP and GBP/CHF shows the same levels of buy sentiment as GBP/USD.
Compared to other GBP currency pairs, only EUR/GBP and GBP/CHF shows the same levels of buy sentiment as GBP/USD.