On Thursday, the US Advance GDP data is set to reveal whether the United States are or are not experiencing a decline in the Gross Domestic Product at 13:30 GMT. The Advance GDP is the first data set that reveals how the economy has done in the last quarter.
The week will end with the publication of the US Core PCE Price Index. This index is the one being used by the US Federal Reserve to measure the impact of inflation on the consumers. It is seen by some as more important than the CPI. The release is scheduled for 13:30 GMT.
GBP/USD short-term view
A decline of the currency pair could look for support in the 50 and 100-hour simple moving averages near 1.2450/1.2470. Further below, note the 200-hour SMA and the weekly simple pivot point at 1.2333. Further below, note the 1.2260/1.2265 support zone.On the other hand, a surge of the Pound higher against the USD would face the 1.2435/1.2450 resistance zone. Higher above, note the 1.2500 mark and the weekly R1 simple pivot point.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair trades between a resistance zone at 1.2305/1.2455 and support zone at 1.1740/1.1840. Most recently, the surge began to once again test the resistance zone.Daily chart
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Traders are shorting
On 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 55% to buy sell the GBP/USD.
On Thursday, the open positions were 62% short and pending orders were 54% to buy.
On 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 55% to buy sell the GBP/USD.
On Thursday, the open positions were 62% short and pending orders were 54% to buy.