During the first half of Tuesday's trading session, the GBP/USD currency pair declined by 58 pips or 0.41%.
The exchange rate rebounded from the lower boundary of an ascending channel pattern at the end of the day.
Economic Calendar
On Thursday, the US Consumer Price Index, US Core Consumer Price Index and the US Unemployment Claims are set to be released exactly at 12:30 GMT. Most likely, all USD asset and pair moves from 12:30 to 12:35 could be attributed to these data sets.
The rate has moved from 18.1 to 47.3 pips during the release of the CPI since January 2021, and 9.5 to 22.8 pips on the release of the US Unemployment claims since May 6.
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
By and large, the British Pound could continue to trend higher during the following trading session. A breakout through the upper line of the channel pattern could occur.However, if the ascending channel holds, bearish traders could pressure the currency exchange rate lower in this session.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD remains in the borders of the channel up pattern, which has guided it since early April. The rate is trading sideways in the borders of the pattern.In addition, note that the rate reversed its February surge just before reaching the 1.4250 level. Namely, the surge ended at the 1.4243 mark.
Daily chart
Read More: Technical Analysis
Traders set up sell orders
Since Tuesday, traders have been short, as 75% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 60% to sell.
Previously pending orders were 75% to buy.
Since Tuesday, traders have been short, as 75% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 60% to sell.
Previously pending orders were 75% to buy.