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
A move above the resistance zone might be stopped by the weekly R1 simple pivot point at 1.2337. Higher above, note the June 16 high level zone at 1.2400/1.2407 and the weekly R2 simple pivot point at 1.2413.On the other hand, a move below the weekly simple pivot point at 1.2249 and the 200-hour simple moving average might look for support in the 1.2200 mark. Further below, note the weekly S1 simple pivot point at 1.2174 and the support zone at 1.2160/1.2160.
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 Tuesday, open positions were 52% short and pending orders were 53% to buy.
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 Tuesday, open positions were 52% short and pending orders were 53% to buy.