The GBP/USD did not bounce off the upper trend line of a channel up pattern. Instead, it broke the resistance.
By the middle of Tuesday's GMT trading hours, the rate had reached above the 1.2550 level.
Economic Calendar
On Wednesday, June 3, two macroeconomic events from the US are expected: the ADP Non-Farm Employment Change at 12:15 GMT and the ISM Non-manufacturing PMI at 14:00 GMT.
The week will end with the US Employment data set release on Friday 12:30 GMT.
GBP/USD short-term review
It is likely that some upside potential could prevail in the market. Meanwhile, note that the currency pair could face the resistance cluster formed by the weekly R3, the monthly R1 and the Fibo 61.80% in the 1.2615/1.2678 range.If the given resistance holds, it is likely that a reversal south could occur, and the pair could target the weekly R1 at 1.2448. However, if the weekly R2 provides support at 1.2536, it is likely that the British Pound could consolidate against the US Dollar.
Hourly Chart
On the daily candle chart, the rate has reached the resistance of the 100-day simple moving average at 1.2576. This level kept the rate down during Tuesday's trading hours.
Daily chart
Read More: Technical Analysis
Traders go short
On Friday, the sentiment on the Swiss Foreign Exchange was 57% long. On Monday, the sentiment was 55% long.
By the middle of Tuesday's trading, the sentiment was 56% short.
By the middle of Tuesday's trading, the sentiment was 56% short.