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 bounce off from the combination of the 50-hour SMA, the 1.2390/1.2395 range and the 1.2400 mark would result in the pair declining back to the 1.2340 level, which acted as support on Thursday morning. Further below, note the 1.2300 mark and the weekly S2 simple pivot point at 1.2304.On the other hand, a move above 1.2400 could be slowed down by the 100-hour SMA near 1.2415. Higher above, note the 200-hour simple moving average near 1.2440 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.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.
Next target for the decline could be the 100-day SMA and the 1.2300 mark.
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 Thursday, positions were 63% long and orders were 60% to sell.
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 Thursday, positions were 63% long and orders were 60% to sell.