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
Below the weekly S1 simple pivot point, there is no technical support as low as the 1.2300 mark and the weekly S2 simple pivot point at 1.2304. Further below, the weekly S3 could slow down the rate at 1.2218. However, note the April low level zone at 1.2345/1.2350.On the other hand, a potential recovery of the Pound against the US Dollar might encounter resistance in the 1.2390/1.2395 range. Higher above, note the combination of the 50 and 100-hour simple moving averages near 1.2440, the weekly simple pivot point at 1.2459 and the resistance zone at 1.2470/1.2480. In addition, the 200-hour SMA has approached the resistance zone.
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.Previously, it was reported that the pair could look for support in the 50 and 100-day simple moving averages and the 1.2300/1.2450 range. On Tuesday, the rate passed below the 1.2400 mark and the 50-day simple moving average.
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 Tuesday, positions were 61% long and orders were 55% to buy.
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 Tuesday, positions were 61% long and orders were 55% to buy.