However, ignore technical analysis for now, as today, at 18:00 GMT, the US Federal Reserve will hike their base interest rate. Depending on the size of the hike, the US Dollar is set to either surge or decline. Namely, the top fundamental event of them all is set to occur. Economic Calendar
This week, all attention will be paid to the US Federal Reserve Rate Statement on Wednesday at 18:00 GMT. It is set to set the tone for the rest of the central banks and the global economy.
In addition, note that on Thursday, the markets will be watching the US Advance quarterly Gross Domestic Product data at 12:30 GMT.
GBP/USD short-term view
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has reached the upper trend line of the 2022 channel down pattern. If the pair breaks the pattern and surges, resistance might be found in the 50-day simple moving average near 1.2200.Daily chart
Read More: Technical Analysis
Traders are mostly long
Since Tuesday, traders were long, 63% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.
Since Tuesday, traders were long, 63% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.