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 resumption of the surge of the Pound against the US Dollar might result in the pair testing the resistance of the weekly R2 simple pivot point at 1.2423. Although, note that the 1.2400 mark could act as resistance.On the other hand, a decline of the currency pair would look for support in the 50, 100 and 200-hour simple moving averages and the 1.2250 and 1.2300 levels.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair faces the resistance zone of the 2023 high levels at 1.2300/1.2450.Daily chart
Read More: Technical Analysis
Traders are short on GBP/USD
On Tuesday, 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 61% to sell the GBP/USD.
On Wednesday, the open positions were 64% short. Pending orders were 60% to sell.
On Tuesday, 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 61% to sell the GBP/USD.
On Wednesday, the open positions were 64% short. Pending orders were 60% to sell.