This week, the US Advance GDP release at 12:30 on Thursday is bound to impact the value of the US Dollar.
However, the top event of the week will be the US Core PCE Price Index release at 12:30 GMT. The US Federal Reserve looks at this inflation indicator for future guidance of their monetary policy.
GBP/USD short-term view
A move above the 1.2475 level might encounter resistance in the weekly R1 simple pivot point at 1.2489. Higher above, the 1.2500 mark could slow down a surge, before the 1.2550 level and the weekly R2 at 1.2542 are reached.However, a decline of the pair is set to look for support in the 50, 100 and 200-hour moving averages, the weekly simple pivot point at 1.2421 and the 1.2400 mark.
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
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Traders are short on GBP/USD
On Monday, traders were 58% 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 56% to buy the GBP/USD.
On Monday, traders were 58% 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 56% to buy the GBP/USD.