At mid-day, the rate's decline had paused, as the pair found support in the 100-hour simple moving average near 1.2475. 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 pair recovers, resistance might be encountered in the 50-hour simple moving average near 1.2535 and the 1.2550 level. Higher above, note the May high level zone at 1.2590/1.2615.Meanwhile, a decline below the support of the 100-hour SMA could result in the pair looking for support in the 1.2450 mark. Below 1.2450, the combination of the weekly simple pivot point at 1.2407, the 1.2400 and the 200-hour simple moving average near 1.2390 might provide support.
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.Daily chart
Read More: Technical Analysis
Long sentiment decreases
On Monday, traders were 57% bullish, as 57% 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 54% to sell the GBP/USD.
On Tuesday, the open positions were 55% long and pending orders were 57% to sell.
On Monday, traders were 57% bullish, as 57% 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 54% to sell the GBP/USD.
On Tuesday, the open positions were 55% long and pending orders were 57% to sell.