During today's morning, the GBP/USD exchange rate tried to surpass the 1.2260 level.
Note that the rate is pressured by the 55-, 100- and 200-hour moving averages, it is likely that some downside potential could prevail in the market.
Economic Calendar
Today, the US Federal Reserve Meeting Minutes are set to be published at 18:00 GMT. Since February the event has caused moves from 9.2 to 22.5 base points.
On Thursday, the day will begin with the UK GDP and Manufacturing Production data being released at 08:30 GMT. The event has caused moves from 9.2 to 35.1 base points since May.
On the same day the US CPI will be released at 12:30 GMT. The event has caused moves from 14.8 to 23.0 pips.
Meanwhile, next week's notable event overview and historical data tables have been published. Click on the link below to see the article with the data.
Read More: 07.10-13.10 Event Historical Reactions
GBP/USD short-term review
Yesterday, the British Pound tumbled to 1.2200 against the US Dollar. During Wednesday morning, the GBP/USD exchange rate jumped to the 1.2260 mark.It is unlikely that some upside potential could prevail in the market due to the resistance cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly and monthly PPs in the 1.2268/1.2321 area.
It is likely that the currency pair could reverse south in the nearest future. Note that the pair could face support of the weekly S1 located at the 1.2228 mark. If the given support level holds, the British Pound could consolidate against the Greenback in the short run.
Hourly Chart
On the daily candle chart, the rate once more showed that the 55-day simple moving average could be ignored. It did not hinder Tuesday's decline.
Meanwhile, the 100-day SMA was approaching the rate from above and could provide technical resistance above the 1.2400 mark.
Daily chart
Read More: Technical Analysis
Traders go long
On Wednesday morning, 63% of open GBP/USD position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, trader orders were slightly bullish. In the 100-pip range 55% of orders were to sell and 45% were to sell.
Meanwhile, trader orders were slightly bullish. In the 100-pip range 55% of orders were to sell and 45% were to sell.