On Thursday, the US Gross Domestic Product release is highly likely going to impact the financial markets via an adjustment of the USD value.
On Friday, at 12:30 GMT, the US Core PCE Price Index is set to impact the US Dollar.
GBP/USD short-term view
A move above 1.2750 could encounter resistance in the 1.2800 mark and the weekly R1 simple pivot point at 1.2806. Above these levels, note the 1.2840/1.2850 zone.However, in the case of a GBP decline against the US Dollar the 1.2685/1.2700 range is set to act as support, before the pair approaches the weekly S1 at 1.2652. Meanwhile, note that it was spotted at mid-Tuesday that the 50-hour simple moving average was acting as support near 1.2720.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has passed above the 1.2610/1.2670 range. This zone stopped the pair's recovery in May. In the near term future, the rate could find support in this range.Daily chart
Read More: Technical Analysis
Traders are short
On Monday, traders were 59% bearish, as 59% 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 59% to sell the GBP/USD.
On Tuesday, open positions were 56% short and orders were 59% to sell.
On Monday, traders were 59% bearish, as 59% 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 59% to sell the GBP/USD.
On Tuesday, open positions were 56% short and orders were 59% to sell.