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 1.2500 mark and the resistance zone at it could be slowed down by the weekly R2 simple pivot point at 1.2542. Higher above, note the 1.2600 mark and the weekly R3 at 1.2610.However, a decline of the rate might look for support in the 50, 100 and 200-hour simple moving average near 1.2430 and the weekly simple pivot point at 1.2421, before reaching the low level zone at 1.2387/1.2392.
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
Wednesday, traders were 63% bearish, as 63% 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 58% to buy the GBP/USD.
By mid-Tuesday, positions were 62% short and orders were 53% to buy.
Wednesday, traders were 63% bearish, as 63% 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 58% to buy the GBP/USD.
By mid-Tuesday, positions were 62% short and orders were 53% to buy.