This week notable events are over.
Next week, starting with Tuesday, the scheduled fundamental events will start to impact the financial markets. At 15:00 GMT, the CB Consumer Confidence could impact the US Dollar's value.
On Wednesday, various US events are expected to cause market moves. At 13:15 GMT, the US ADP Non-Farm Employment Change might cause a minor USD move.
Afterwards, at 13:30 GMT, the US Preliminary Quarterly GDP is set to reveal whether the United States remain in a recession.
The day will end with a speech of the US Federal Reserve Chairman Jerome Powell at the Brooking Institution in Washington at 18:30 GMT.
On Thursday, note the Core PCE Price Index release at 13:30 GMT. The US monetary policymakers watch this index as a measure of inflation, not the Consumer Price Index.
Afterwards, the US ISM Manufacturing PMI could impact the US Dollar's value at 15:00 GMT.
The week is set to end with the release of the United States employment data at 13:30 GMT. The data release consists of the US Average Hourly Earnings changes, Non-Farm Employment Change and Unemployment Rate.
GBP/USD short-term view
On Thursday morning, the rate had reached above 1.2100. An extension of the ongoing surge might be slowed down by the 1.2150 level, before the rate reaches the combination of the weekly R2 at 1.2194 and the 1.2200 mark.On the other hand, a potential retracement downwards could look for support in the 1.2050 level and the weekly R1 simple pivot point at 1.2041.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has broken the resistance of the 200-day simple moving average.Higher above, note the summer high level zone at 1.2275/1.2330. It could stop the ongoing surge.
Daily chart
Read More: Technical Analysis
Short sentiment increases
On Wednesday, traders were bearish, as 58% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.
On Thursday, traders were 62% short and pending orders were 60% to sell.
On Wednesday, traders were bearish, as 58% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.
On Thursday, traders were 62% short and pending orders were 60% to sell.