Support zone is located at 1.2472/1.2480. Meanwhile, resistance is at 1.2555/1.2560. Economic Calendar
On Wednesday, the rate is bound to move due to the release of the Federal Open Market Committee Meeting Minutes at 18:00 GMT.
On Thursday, the US quarterly Preliminary GDP data at 12:30 GMT is set to confirm or deny whether the United States have entered a recession. A recession is defined by two consecutive quarters of decline in the Gross Domestic Product.
GBP/USD short-term review
If the Pound recovers against the US Dollar, the currency pair would have to reach above 1.2480. Afterwards, the rate is set to test the combined resistance of the weekly R1 simple pivot point at 1.2597 and the May high level zone at 1.2600/1.2640.However, a decline below 1.2555 might find support in the 200-hour simple moving average near 1.2430, prior to approaching the weekly simple pivot point at 1.2407 and the 1.2400 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has passed above the resistance line of the larger scale channel down pattern, which has guided the rate's decline since early February. Moreover, on Tuesday and Wednesday the pair appeared to be confirming the previous resistance as support.Daily chart
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Long sentiment decreases
On Wednesday, traders were 53% bullish, as 53% 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 55% to buy the GBP/USD.
On Tuesday, the open positions were 55% long and pending orders were 57% to sell.
On Wednesday, traders were 53% bullish, as 53% 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 55% to buy the GBP/USD.
On Tuesday, the open positions were 55% long and pending orders were 57% to sell.