On Friday, at 12:30 GMT, the United States will publish the Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
On Wednesday, watch out for the US Consumer Price Index release at 12:30 GMT. The US inflation data is bound to impact the US Dollar's value.
On the same day, at 18:00 GMT, the US Federal Reserve Meeting Minutes could cause a market reaction with new information on US monetary policy.
On Thursday, at 12:30 GMT, US inflation at the producer level will be revealed. The US Producer Price Index is set to be released at that time.
On Friday, the US Retail Sales data might cause a reaction in the financial markets at 12:30 GMT.
GBP/USD short-term view
A move below 1.2400 could look for support in the 200-hour simple moving average near 1.2380. Further below, note the 1.2350 level and the weekly simple pivot point at 1.2323.On the other hand, a recovery of the Pound against the USD is set to encounter resistance in the weekly R2 at 1.2527. Note that the rate ignored the 1.2500 level during the prior surge.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has passed the resistance zone of the 2023 high levels at 1.2300/1.2450. Higher above, the late 2022 high level zone could stop the pair at 1.2600.Daily chart
Read More: Technical Analysis
Traders are short on GBP/USD
On Thursday, traders were 64% bearish, as 64% 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 58% to buy the GBP/USD.
On Thursday, traders were 64% bearish, as 64% 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 58% to buy the GBP/USD.