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
An extension of the ongoing retracement downwards could result in the GBP looking for support against the US Dollar in the 1.2685/1.2700 range. Further below, note the weekly S1 simple pivot point at 1.2652 and the 1.2650 mark.A potential recovery of the GBP/USD might be slowed down by the combination of the 50 and 100-hour simple moving averages, the weekly simple pivot point at 1.2746, before the 200-hour simple moving average would be reached.
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 become almost neutral
On Wednesday, traders were 53% bearish, as 53% 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 51% to sell the GBP/USD.
On Tuesday, open positions were 56% short and orders were 59% to sell.
On Wednesday, traders were 53% bearish, as 53% 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 51% to sell the GBP/USD.
On Tuesday, open positions were 56% short and orders were 59% to sell.