On Friday, the US Retail Sales data might cause a reaction in the financial markets at 12:30 GMT.
Next week, note the US Empire State Manufacturing Index on Monday at 12:30 GMT.
On Wednesday, the UK Consumer Price Inflation release is expected to impact the rate via an adjustment of GBP value.
On Friday, the US Flash Manufacturing and Services PMIs could cause an impact on the US Dollar.
GBP/USD short-term view
Below the 1.2500 mark, support might be found in the 1.2450 level and the 100 and 200-hour simple moving averages near that level. Further below, note the 1.2400 mark and the weekly simple pivot point.A resumption of the surge of the Pound against the US Dollar might be slowed down by the 1.2500 mark and the 50-hour simple moving average. Higher above note that 1.2550 could once again act as resistance.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has passed the resistance zone of the 2023 high levels at 1.2300/1.2450. Higher above, the late 2022 high level zone could stop the pair at 1.2600.Daily chart
Read More: Technical Analysis
Traders are short on GBP/USD
On Thursday, traders were 65% bearish, as 65% 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 Friday, open positions were 67% short and orders were 53% to buy the GBP against the USD.
On Thursday, traders were 65% bearish, as 65% 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 Friday, open positions were 67% short and orders were 53% to buy the GBP against the USD.