Economic Calendar
On Wednesday, at 12:30 GMT, the US Core Consumer Price Index is bound to cause USD volatility, which could impact the GBP/USD.
Afterwards, on Thursday, at 12:30 GMT, the US Producer Price Index is set to reveal more information about inflation in the United States.
GBP/USD short-term review All things being equal, the exchange rate could continue to trend lower in a descending channel pattern during the following trading session. The potential target for sellers would be near the 1.3780 area.
However, bearish traders might encounter support near the weekly S2 at 1.3819 within this session.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the currency exchange rate has passed the 1.3900 mark's support.In the near term future a decline to the support of 200-day simple moving averages at 1.3760 is expected.
Daily chart
Read More: Technical Analysis
Traders are bearish on GBP/USD
On Tuesday, the Swiss Foreign Exchange traders were 59% short.
On Wednesday, the sentiment was 63% bearish.
Meanwhile, in the 100-pip range around the rate the pending orders were 68% to buy.
On Tuesday, the Swiss Foreign Exchange traders were 59% short.
On Wednesday, the sentiment was 63% bearish.
Meanwhile, in the 100-pip range around the rate the pending orders were 68% to buy.