During the upcoming week, on Tuesday, the US Flash Manufacturing and Services PMIs might impact the financial markets through an adjustment of USD value.
On Wednesday, the UK inflation data will be published at 06:00 GMT. The last release revealed that inflation is back above 10.00% and the Bank of England has to tighten policy.
In the evening, at 18:00 GMT, the FOMC Meeting Minutes publication could provide more insight into the Federal Reserve's policy.
On Thursday, The US Preliminary GDP and Unemployment Claims releases at 12:30 GMT are highly likely going to impact the USD.
On Friday, at 12:30 GMT, the Core PCE Price Index is bound to impact financial markets through the US Dollar.
GBP/USD short-term view
A move above 1.2540 could face resistance in the 200-hour simple moving average near 1.2575 or the combination of the 1.2600 mark and the weekly R1 simple pivot point.However, a decline of the Pound against the US Dollar might find support in the 1.2480 level, before reaching the recent low levels near 1.2445. Meanwhile, note that the pair has ignored the weekly simple pivot point and the 50-hour simple moving average.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has bounced off the late 2022 high level zone and broken the channel up pattern that has guided the pair up since February.In the near term future, the pair could look for support in the 50 and 100-day simple moving averages and the 1.2300/1.2450 range.
Daily chart
Read More: Technical Analysis
Traders become neutral
On Friday, 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 55% to sell the GBP/USD.
Since Monday, positions were 51% short and orders were 55-70% to sell.
On Friday, 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 55% to sell the GBP/USD.
Since Monday, positions were 51% short and orders were 55-70% to sell.