On Wednesday, the rate is bound to move due to the release of the Federal Open Market Committee Meeting Minutes at 18:00 GMT.
On Thursday, the US quarterly Preliminary GDP data at 12:30 GMT is set to confirm or deny whether the United States have entered a recession. A recession is defined by two consecutive quarters of decline in the Gross Domestic Product.
GBP/USD short-term review
A continuation of the surge of the Pound against the US Dollar would have to pass the 1.2600 mark, the weekly R1 simple pivot point and the high level zone at 1.2590/1.2615. If the resistance does not hold, the pair could reach the 1.2650 and 1.2700 levels, before reaching the weekly R2 simple pivot point at 1.2715.However, a potential decline might look for support in the 1.2550 mark. Further below, the 1.2500 level and the 50-hour simple moving average could act as support.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has passed above the resistance line of the larger scale channel down pattern, which has guided the rate's decline since early February.Daily chart
Read More: Technical Analysis
Buy orders are gone
On Monday, traders were 57% bullish, as 57% 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 54% to sell the GBP/USD.
On Monday, traders were 57% bullish, as 57% 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 54% to sell the GBP/USD.