On Wednesday, 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
In the case of the Pound continuing to lose value against the US Dollar, the rate could look for support in the 1.2400 mark and the weekly S1 simple pivot point at 1.2365. Below these levels, note the 1.2350 and 1.2300 levels.However, a recovery of the Pound against the US Dollar might encounter resistance in the 1.2500 mark and the 50 and 100-hour simple moving averages. Higher above, note the weekly simple pivot point at 1.2522 and the resistance zone below 1.2550. In addition, the 200-hour simple moving average appears to be descending near 1.2560.
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 go long
On Wednesday, traders were 54% bullish, as 54% 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 51% to buy the GBP/USD.
Since Monday, positions were 51% short and orders were 55-70% to sell.
On Wednesday, traders were 54% bullish, as 54% 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 51% to buy the GBP/USD.
Since Monday, positions were 51% short and orders were 55-70% to sell.