During the week, minor moves could be created by some data releases. Meanwhile, note that the whole financial market continues to adjust to the latest comments made by the Federal Reserve about monetary tightening.
On Tuesday, the US Durable Goods Orders might impact the USD value at 12:30 GMT.
On Thursday, the US Advance GDP is expected to cause USD volatility across the markets at 12:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
If the Pound continues to decline, compared to the US Dollar, the currency rate might look for support in the 1.2500 mark and the weekly S3 simple pivot point at 1.2474.On the other hand, a potential surge of the pair would have to reach above the resistance zone near 1.2600, before testing the upper trend line of the channel down pattern. Higher above, take into account the weekly S2 simple pivot point at 1.2648 and the approaching 50-hour simple moving average.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the March and April low level zone failed and the channel down pattern, which guided the rate since early 2021 also failed. On the chart, we have marked the low levels of 2020, which could act as support.Daily chart
Read More: Technical Analysis
Traders are mostly long
On Wednesday, traders were long, as 71% 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 52% to buy the GBP/USD.
On Wednesday, traders were long, as 71% 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 52% to buy the GBP/USD.