Economic Calendar
Elevated levels of volatility could be expected this week for GBP/USD, as this week is filled economical data releases from the United States.
GBP/USD hourly chart analysis
The FX pair has seen a recovery towards 1.25080 and is looking for forward momentum to push higher towards the 1.26050 level. A move to the downside is plausible, as no microdata has been presented this week that could act as a catalyst for further price movement.
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 January 6th, the Dukascopy Trader Sentiment Monitor suggests that the majority, more than 63.25%, of traders are participating in the market as buyers, with the rest as sellers.
No significant changes comparing to previous week when it comes to trading volume. Compared to other GBP currency pairs, only EUR/GBP and GBP/CHF shows the same levels of buy sentiment as GBP/USD.
No significant changes comparing to previous week when it comes to trading volume. Compared to other GBP currency pairs, only EUR/GBP and GBP/CHF shows the same levels of buy sentiment as GBP/USD.