On Wednesday, at 06:00 GMT, the UK Consumer Price Index data will reveal how inflation had changed in the UK during April.
To see historical move tables click on the link below.
GBP/USD short-term review
If the Pound continues to recover against the Dollar, the pair would have to pass the resistance of the 1.2500 level. Higher above, note the weekly R2 simple pivot point at 1.2524. Afterwards, note the resistance zone, which surrounds the 1.2600 mark.Meanwhile, a resumption of the broad decline of the GBP/USD would first look for support in the 1.2400/1.2424 zone and the weekly R1 simple pivot point at 1.2391. Below these levels, the 1.2350 might support the currency rate.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has broken the channel down pattern, which guided the rate's decline since the middle of April. Resistance could be found in the 1.2600 mark and the upper trend line of the larger scale channel down pattern.Daily chart
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Traders close long positions
Since Thursday, traders were 71% bullish, as 71% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 60% to sell the GBP/USD.
On Tuesday, the situation changed, as 64% of volume was long and pending orders were 64% to sell.
Since Thursday, traders were 71% bullish, as 71% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 60% to sell the GBP/USD.
On Tuesday, the situation changed, as 64% of volume was long and pending orders were 64% to sell.