On Thursday morning, the UK GDP is set to be published at 06:00 GMT. The GBP pairs are highly likely going to react to the news.
On Thursday, at 12:30 GMT, the US Dollar will react to the combination of the US Consumer Price Index and the weekly Unemployment Claims data. Markets will be looking at this release as the top one of the week.
GBP/USD short-term view
The Pound is highly likely going to find support against the US Dollar in the 1.2260/1.2285 range and the 50-hour simple moving average. However, a move below this zone could look for support in the 1.2250 mark and the 100-hour simple moving average near 1.2230. Further below, note the 1.2200 mark and the combination of the 200-hour SMA and the weekly simple pivot point at 1.2177.On the other hand, the resumption of the ongoing surge is set to again face the 1.2300 mark and the weekly R1 simple pivot point at 1.2317. Higher above, note the 1.2350 level and the combination of the weekly R2 simple pivot point and the 1.2400 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD pair continues to decline in the borders of the channel down pattern. The lower trend line of the pattern is slowing down the ongoing descent and causing retracements back up.Daily chart
Read More: Technical Analysis
Traders are long
On Wednesday, open GBP/USD positions by Swiss Foreign Exchange traders were 63% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 51% to buy.
By mid-Tuesday, the positions were 62% long and pending orders were still 53% to sell.
On Wednesday, open GBP/USD positions by Swiss Foreign Exchange traders were 63% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 51% to buy.
By mid-Tuesday, the positions were 62% long and pending orders were still 53% to sell.