On Wednesday, note the Final US Quarterly GDP data. The data release might cause minor reactions on the chart.
Later on the same day, at 13:00 GMT, the heads of the ECB, Bank of England and the Fed are set to speak at a panel titled "Policy Panel."
GBP/USD short-term review
If the pair continues to surge, the rate is set to face resistance in the weekly R1 simple pivot point at 1.2337 and the 1.2350 level. Higher above, note the resistance of the 1.2400 mark.However, a potential decline of the Pound against the US Dollar would look for support in the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point near 1.2250. Further below, note the last week's low level zone at 1.2160/1.2174 and the weekly S1 simple pivot point.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate continues to trade in a channel down pattern. Note the pattern's resistance near 1.2400 and the 50-day simple moving average.Daily chart
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Traders are neutral
On Monday, traders were 51% short, as 51% 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 56% to buy the GBP/USD.
On Monday, traders were 51% short, as 51% 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 56% to buy the GBP/USD.