Next week, watch out for the US Core PCE Price Index release on Friday at 12:30 GMT.
GBP/USD short-term view
Meanwhile, the US Federal Reserve hiked its rate by also 0.25% on Wednesday. Despite the similar rate hikes, the GBP/USD has surged and by mid-Thursday was located at 1.2300.An extension of the ongoing upwards move might aim at the resistance of the 1.2350 and 1.2400 levels, prior to reaching the weekly R3 simple pivot point at 1.2440. However, a potential decline is expected to look for support in the February high at 1.2270 and the combination of the 50 and 100-hour simple moving averages and the weekly R1 simple pivot point near 1.2250.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has found support in the zone which surrounds the 1.1800 mark. Most recently, the recovery of the currency pair appears to have pierced through the resistance of the 50 and 100-day simple moving averages.The pair now faces the resistance zone of the 2022 and 2023 high level zone at 1.2300/1.2450.
Daily chart
Read More: Technical Analysis
Traders are still short on GBP/USD
Before the fundamental events, traders were 62% bearish, as 62% 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 57% to buy the GBP/USD.
After the rate hikes, the open positions were still 62% short. However, pending orders were 57% to sell.
Before the fundamental events, traders were 62% bearish, as 62% 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 57% to buy the GBP/USD.
After the rate hikes, the open positions were still 62% short. However, pending orders were 57% to sell.