The GBP/USD exchange rate increased its gains and exceed the 1.2950 level.
Meanwhile, note that the rate could face the resistance level formed by the weekly R2 at 1.2992.
Economic Calendar
Notable macroeconomic events are set to start with the biggest and most important of them all, the Federal Reserve is scheduled to make a Rate Statement and Rate Announcement on Wednesday, at 18:00 GMT.
On Thursday, pay attention to the US Advance GDP and the weekly US Unemployment Claims that should be published at 12:30 GMT.
Click on the link below to find out more about the data releases.
GBP/USD short-term review
Yesterday, the GBP/USD exchange rate raised to the 1.2950 level. During Wednesday morning, the rate exceeded the given level.It is likely that the currency pair could face the resistance level formed by the weekly R2 at 1.2992. Thus, a reversal south could occur, and the pair could test the support formed by the 55-hour SMA and the weekly R1 at 1.2893.
If the given resistance does not hold, it is likely that the exchange rate could raise to the monthly R2 located at the 1.3051 mark.
Hourly Chart
On the daily candle chart, the rate has pierced the resistance of the channel up pattern.
In the meantime, note that the rate could face the resistance formed by the monthly R2 at 1.3051.
Daily chart
Read More: Technical Analysis
Traders are short
On Wednesday, 63% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the orders were slightly bullish, as 54% of pending orders were set to buy the GBP/USD.
On Wednesday, 63% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the orders were slightly bullish, as 54% of pending orders were set to buy the GBP/USD.