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
A resumption of the previous decline of the Pound against the US Dollar might look for support in the 1.2400 mark, the 1.2390/1.2395 range, the weekly S1 simple pivot point at 1.2373. Further below, note the April low level zone at 1.2345/1.2350.Meanwhile, a recovery of the GBP/USD could be stopped by the combination of the weekly simple pivot point at 1.2459, the 200-hour simple moving average and the 1.2470/1.2485 range. Higher above, take into account the 1.2500 mark and the weekly R1 simple pivot point at 1.2528.
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 Wednesday, traders were 62% bullish, as 62% 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 54% to sell the GBP/USD.
On Tuesday, positions were 61% long and orders were 55% to buy.
On Wednesday, traders were 62% bullish, as 62% 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 54% to sell the GBP/USD.
On Tuesday, positions were 61% long and orders were 55% to buy.