On Wednesday morning, the GBP/USD currency exchange rate traded in the range between the 1.3720 and 1.3760 levels.
In the near term future, the currency pair had more than a couple of possible future scenarios.
Economic Calendar
On Wednesday, January 27, the Federal Reserve is going to unveil its monetary policy plans by publishing the FOMC Statement at 19:00 GMT.
On Thursday, January 28, the US Advance GDP data is set to be released at 13:30 GMT. Also, the US Unemployment Claims data will be published at the same time.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
In the near term future, the pair could continue to consolidate by trading sideways. However, all consolidations end.In the case of a following decline, the currency exchange rate could reach for the support of the 55 and 100-hour simple moving averages, which on Wednesday were strengthening the 1.3700 mark.
On the other hand, the pair might surge to the upper trend line of the ascending wedge pattern near the 1.3770 level.
Hourly Chart
On the daily candle chart, the currency exchange rate is reaching new high levels, as the previous 2021 high level has been clearly passed.
In the meantime, note that the 55-day simple moving average was approaching the rate from below. This week, it was located near the 1.3460 level.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Friday, 71% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Wednesday, the sentiment was almost unchanged, as 72% of volume was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 59% to sell the GBP/USD pair.
Since Friday, 71% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Wednesday, the sentiment was almost unchanged, as 72% of volume was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 59% to sell the GBP/USD pair.