The 1.2520 level stopped the GBP/USD exchange rate's attempts to surge throughout Monday and early Tuesday.
By the middle of the day's GMT trading hours, the rate had dipped down to the 1.2470 level.
Economic Calendar
On Thursday, at 12:30 GMT the weekly US Unemployment Claims are set to be released. They could create above average volatility.
On Friday, the US Producer Price Index and US Core Producer Price Index are set to be released. In the recent past they have not caused notable volatility.
GBP/USD short-term review
After shortly trading below the 1.2470 level, the GBP/USD recovered and surged above three technical resistance levels. Namely, the 55 and 100-hour SMAs and a pivot point at 1.2490 were passed.In the near term future, the rate was expected to make another attempt to pass the resistance of the 1.2520 level. If the pair pass the 1.2520 level, in theory it should make an attempt to reach the weekly R1 simple pivot point at 1.2593.
Hourly Chart
On the daily candle chart, the rate has the support of the 55 and 100-day simple moving averages at 1.2422 and 1.2450. These levels could bolster an upcoming surge.
Daily chart
Read More: Technical Analysis
Traders are long
On Tuesday, 59% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate, 53% of pending orders were set to buy the GBP/USD.
Previously, orders were 70% to sell.
Meanwhile, in the 100-pip range around the rate, 53% of pending orders were set to buy the GBP/USD.
Previously, orders were 70% to sell.