Next week, the currency might react to the release of the UK Consumer Price Index on Wednesday at 07:00 GMT.
Also on Wednesday, the financial markets are set to adjust to the announcement of the US Federal Funds Rate at 18:00 GMT.
On Thursday, the Bank of England is scheduled to announce its Official Bank Rate at 12:00 GMT.
GBP/USD short-term view
An extension of the ongoing decline might look for support in the combination of the 1.2000 mark, the 200-hour simple moving averages and the weekly simple pivot point at 1.1980. Further below, take into account 1.1950 and 1.1900 levels. There is no other support below 1.2000.On the other hand, a recovery of the Pound against the US Dollar could encounter resistance in the 1.2150 mark, the weekly R1 simple pivot point and the 50-hour simple moving average. Higher above, the 1.2200 mark would once again act as resistance.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has found support in the zone which surrounds the 1.1800 mark. Most recently, the recovery of the currency pair appears to have pierced through the resistance of the 50 and 100-day simple moving averages.A move above the 1.2200 mark is set to face the resistance zone of the 2022 and 2023 high level zone at 1.2300/1.2450.
Daily chart
Read More: Technical Analysis
Traders are short on GBP/USD
On Tuesday, traders were 58% bearish, as 58% 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 51% to buy the GBP/USD.
On Wednesday, positions were 53% short and orders were 53% to buy.
On Tuesday, traders were 58% bearish, as 58% 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 51% to buy the GBP/USD.
On Wednesday, positions were 53% short and orders were 53% to buy.