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 below the simple moving averages could look for support in the weekly simple pivot point at 1.2421. Below the pivot point, note the 1.2400 mark and the weekly S1 at 1.2367.On the other hand, a recovery of the Pound against the US Dollar could be slowed down by the 1.2460 and 1.2480 levels, before the pair once again tests the 1.2500 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.
By mid-Tuesday, positions were 62% short and orders were 53% to buy.
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.
By mid-Tuesday, positions were 62% short and orders were 53% to buy.