The GBP/USD has traded around the weekly R2 at 1.3060. In general, the pair has been consolidating its gains, which were gained during the Tuesday's jump.
Meanwhile, take into account that on Thursday the pair was being supported by the 55-hour simple moving average, which was located at 1.3030.
The Federal Reserve released on Wednesday the US FOMC Meeting Minutes where fed officials provide in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates.
"Almost all participants thought that it would be desirable to announce before too long a plan to stop reducing the Federal Reserve's asset holdings later this year. Such an announcement would provide more certainty about the process for completing the normalization of the size of the Federal Reserve's balance sheet," the document said.
Only Canadian data is left
The week will end with the Canadian Core Retail Sales at 13:30 GMT on Friday.The event is scheduled to be covered by Dukascopy Analytics on our Dukascopy Webinars YouTube channel. The stream starts ten minutes before the data release.
For more information watch the weekly Calendar Analysis stream recording.
GBP/USD short term review
During Wednesday's trading session, the currency exchange rate traded sideways to end the trading session at 1.3000 as it was predicted. On Thursday morning, the rate to broke the weekly R2 to trade at the 1.3068 mark.Most likely, the British Pound will trade sideways to stay above the weekly R2 at 1.3060 during the day. Meanwhile, the 55-hour simple moving average will try to catch up on the rate.
On the other hand, today's US Durable Goods Orders and Core Durable Goods Orders data release at 13:30 GMT could push the rate to pass the weekly R2 at 1.3060 to trade at the 1.3000 level.
Hourly Chart
On the daily chart it can be seen that the rate broke the resistance of the 200-day simple moving average. The SMA now was set to strengthen the support of the 1.3000 level.
Meanwhile, on Wednesday an ascending channel pattern was drawn on the daily chart. It was done by using the low levels of February and December and setting a parallel line on the high level of January.
This pattern could guide the rate higher. However, that is highly unlikely due to the fundamental background. Daily chart
Meanwhile, the trader set up pending orders were signalling that additional selling might occur, as 56% of all orders in the 100-pip range were set to sell.