Economic Calendar
On Thursday, the markets might react to the publication of the US Final GDP data release. However, the Final release is the one with the less impact of the three US GDP releases.
On Friday, at 12:30 GMT, the US Core PCE Price Index is set to reveal how the consumer goods prices are doing in the USA. The markets expect an increase of 0.2%.
GBP/USD hourly chart analysis
A continuation of the prior surge is set to face the combination of the pattern's upper trend line and the 1.3450 level. Higher above, note the weekly R2 simple pivot point at 1.3481.On the other hand, a potential decline is expected to look for support in the 50 and 100-hour simple moving averages and the 1.3350 level, before reaching the lower trend line of the channel pattern.
Hourly Chart
GBP/USD daily candle chart analysis
Prior analysis: "On the daily candle chart, the rate has broken the resistance of the August high levels. The broken range could turn into support."By late Monday's trading, the zone had turned into support.
Read More: Technical Analysis
Traders remain short
On Monday, trader open position volume showed that 74% of trader open positions were short.
Meanwhile, pending orders 100-points around the rate were 56% to sell.
Wednesday, traders were 71% short, but pending orders were 74% to buy.
Meanwhile, pending orders 100-points around the rate were 56% to sell.
Wednesday, traders were 71% short, but pending orders were 74% to buy.