On Wednesday, at 18:00 GMT, the FOMC Meeting Minutes publication could provide more insight into the Federal Reserve's policy.
On Thursday, The US Preliminary GDP and Unemployment Claims releases at 12:30 GMT are highly likely going to impact the USD.
On Friday, at 12:30 GMT, the Core PCE Price Index is bound to impact financial markets through the US Dollar.
GBP/USD short-term view
The ongoing decline might look for support in the 1.2390/1.2395 level. Further below, note the weekly S1 simple pivot point at 1.2373 and the combination of the weekly S2 at 1.2304 and the 1.2300 mark.However, a potential recovery of the GBP against the US Dollar would face the 1.2470/1.2480 range. Note that the pair has ignored the hourly simple moving averages and the weekly simple pivot point at 1.2459.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has bounced off the late 2022 high level zone and broken the channel up pattern that has guided the pair up since February.In the near term future, the pair could look for support in the 50 and 100-day simple moving averages and the 1.2300/1.2450 range.
Daily chart
Read More: Technical Analysis
Traders are long
On Monday, traders were 60% bullish, as 60% 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 66% to sell the GBP/USD.
On Monday, traders were 60% bullish, as 60% 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 66% to sell the GBP/USD.