The release of the UK GDP on Friday at 07:00 GMT is bound to impact this rate from the Pounds side.
GBP/USD short-term view
Support could be found in the 1.1950 level, the weekly S1 simple pivot point at 1.1928 and the round levels 1.1900 and 1.1850.Meanwhile, a potential recovery of the Pound against the US Dollar could encounter resistance at 1.2000 and the combination of the 50-hour simple moving average and the 1.2050 level. Higher above, take into account the 1.2100 and 1.2150 levels.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has bounced off the resistance zone at 1.2305/1.2455. Moreover, it has passed below the combined support of the 50-day simple moving average and the lower trend line of the channel up pattern, which had guided the pair up since late September.Next target for the decline could be the 100 and 200-day simple moving averages and the support zone at 1.1740/1.1840.
Daily chart
Read More: Technical Analysis
Traders are neutral
After the fundamental events, traders were 53% bearish, as 55% 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 65% to buy the GBP/USD.
On Tuesday, open positions were 50% to buy and to sell. Pending orders were 55% to sell.
After the fundamental events, traders were 53% bearish, as 55% 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 65% to buy the GBP/USD.
On Tuesday, open positions were 50% to buy and to sell. Pending orders were 55% to sell.