The pair might react to the Thursday's release of the US Core PCE Price Index at 12:30 GMT.
On Friday, note the US ISM Manufacturing PMI at 14:00 GMT.
GBP/USD short-term review
A continuation of the decline of the Pound against the US Dollar might look for support in the 1.2150 and 1.2100 levels, before reaching the weekly S2 simple pivot point at 1.2085.Meanwhile, a potential surge above the resistance levels at 1.2160/1.2174 could encounter some resistance in the 1.2200 mark, before reaching the cluster of technical levels at 1.2250.
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 Wednesday, traders were neutral, 50% of trader open position volume on the Swiss Foreign Exchange was in short and long positions.
In the meantime, pending orders in a 100-base point range around the pair were 52% to sell the GBP/USD.
On Tuesday, open positions were 52% short and pending orders were 53% to buy.
On Wednesday, traders were neutral, 50% of trader open position volume on the Swiss Foreign Exchange was in short and long positions.
In the meantime, pending orders in a 100-base point range around the pair were 52% to sell the GBP/USD.
On Tuesday, open positions were 52% short and pending orders were 53% to buy.