On Thursday, the Euro will react to the European Central Bank's announcement of the Main Refinancing Rate and the follow up press conference. The publication of the rate and monetary policy statement is scheduled for 12:15 GMT. The press conference is scheduled for 12:45 GMT.
Meanwhile, between the ECB events, at 12:30 GMT the US Advance GDP is set to be published. The event will impact all US Dollar pairs.
On Friday, the US Core PCE Price Index is scheduled to be published at 12:30 GMT. This inflation measure is watched by the US Federal Reserve when setting their policy.
GBP/USD short-term view
In the near term future, resistance to the surge might be provided by the weekly R2 simple pivot point at 1.1644. However, round levels mostly impact the pair. Note 1.1700, 1.1750 and 1.1800 levels.A potential decline is expected to look for support in 1.1500, the weekly R1 and the lower trend line of a channel up pattern. In addition, the 50-hour simple moving average might catch up with the pair.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the resistance of the 50-day SMA was broken. On Wednesday, the pair was approaching the 100-day SMA near 1.1650.Daily chart
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Traders are short
On Wednesday, traders were bearish, as 68% 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 57% to buy the GBP/USD.
On Wednesday, traders were bearish, as 68% 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 57% to buy the GBP/USD.