On Thursday, at 12:30 GMT, the publication of Final US quarterly Gross Domestic Product is set to be published. The release might impact the USD. However, it is usually the Preliminary GDP release, which impact the markets.
On Friday, the US Core PCE Price Index is set to reveal inflation's impact on the consumers. This indicator is seen by the US Federal Reserve as more important than the CPI. The publication is scheduled for 12:30 GMT.
GBP/USD short-term view
A move above 1.2300 could face resistance in the weekly R1 simple pivot point at 1.2325 and the resistance zone at 1.2335/1.2343. Higher above, note the 1.2400 level and the weekly R2 simple pivot point at 1.2423.Meanwhile, a potential decline of the currency pair could look for support in the combination of the 50 and 100-hour simple moving averages near 1.2260. Afterwards, the weekly simple pivot point at 1.2246 might act as support with the 1.2240 level. Further below, note the 200-hour simple moving average and the 1.2200 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has found support in the zone which surrounds the 1.1800 mark. Most recently, the recovery of the currency pair appears to have pierced through the resistance of the 50 and 100-day simple moving averages.The pair now faces the resistance zone of the 2023 high levels at 1.2300/1.2450.
Daily chart
Read More: Technical Analysis
Traders are still short on GBP/USD
On Friday, traders were 61% bearish, as 61% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 52% to buy the GBP/USD.
On Monday, the open positions were 60% short. However, pending orders were 63% to sell.
On Friday, traders were 61% bearish, as 61% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 52% to buy the GBP/USD.
On Monday, the open positions were 60% short. However, pending orders were 63% to sell.