Note the US Empire State Manufacturing Index on Monday at 12:30 GMT.
On Wednesday, the UK Consumer Price Inflation release is expected to impact the rate via an adjustment of GBP value.
On Friday, the US Flash Manufacturing and Services PMIs could cause an impact on the US Dollar.
GBP/USD short-term view
A move above 1.2440 could face resistance in the combination of the 50 and 100-hour simple moving averages near 1.2460. Higher above, note the 1.2500 mark.On the other hand, a decline of the pair is set to look for support at 1.2400 and 1.2380, prior to reaching the support zone at 1.2345/1.2350.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has passed the resistance zone of the 2023 high levels at 1.2300/1.2450. Higher above, the late 2022 high level zone could stop the pair at 1.2600.Daily chart
Read More: Technical Analysis
Traders are short on GBP/USD
On Monday, traders were 61% bearish, as 61% 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 52% to buy the GBP/USD.
On Friday, open positions were 67% short and orders were 53% to buy the GBP against the USD.
On Monday, traders were 61% bearish, as 61% 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 52% to buy the GBP/USD.
On Friday, open positions were 67% short and orders were 53% to buy the GBP against the USD.