On Monday, the GBP/USD exchange rate surged by 73 pips or 0.52%. The currency pair tested the upper line of an ascending channel pattern during yesterday's trading session.
Economic Calendar
On Thursday, the US Consumer Price Index, US Core Consumer Price Index and the US Unemployment Claims are set to be released exactly at 12:30 GMT. Most likely, all USD asset and pair moves from 12:30 to 12:35 could be attributed to these data sets.
The rate has moved from 18.1 to 47.3 pips during the release of the CPI since January 2021, and 9.5 to 22.8 pips on the release of the US Unemployment claims since May 6.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
The British Pound is likely to continue to climb against the US Dollar during the following trading session. The possible target for bullish traders will be near the 1.4220 level.However, the resistance level at 1.4189 could still provide resistance for the currency exchange rate within this session.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD remains in the borders of the channel up pattern, which has guided it since early April. The rate is trading sideways in the borders of the pattern.In addition, note that the rate reversed its February surge just before reaching the 1.4250 level. Namely, the surge ended at the 1.4243 mark.
Daily chart
Read More: Technical Analysis
Traders set up buy orders
On Tuesday, traders were short, as 75% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 72% to buy.
On Tuesday, traders were short, as 75% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 72% to buy.