By the middle of Thursday's trading hours, the pair had reached above 1.2100. Economic Calendar
On Thursday, note the Core PCE Price Index release at 13:30 GMT. The US monetary policymakers watch this index as a measure of inflation, not the Consumer Price Index.
Afterwards, the US ISM Manufacturing PMI could impact the US Dollar's value at 15:00 GMT.
The week is set to end with the release of the United States employment data at 13:30 GMT. The data release consists of the US Average Hourly Earnings changes, Non-Farm Employment Change and Unemployment Rate.
GBP/USD short-term view
An extension of the ongoing surge, might encounter resistance in the 1.2150 and 1.2200 levels, prior to testing the resistance of the weekly R1 simple pivot point at 1.2234.Meanwhile, a potential decline might find support also in round exchange rate levels. Namely, the 1.2100 and 1.2050 could act as support. Below these levels, take into account the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point near the 1.2000 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has broken the resistance of the 200-day simple moving average. Most recently, the SMA has started to act as support.Higher above, note the summer high level zone at 1.2275/1.2330. It could stop the ongoing surge.
Daily chart
On Thursday, traders were bearish, as 66% 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 52% to sell the GBP/USD.
On Wednesday, traders were 67% short and pending orders were 61% to sell.