Watch the US ISM services PMI release on Wednesday at 14:00 GMT. Besides this release, there are no notable events scheduled that can impact the financial markets.
GBP/USD short-term view
A resumption of the GBP decline against the USD Dollar is expected to look for support in the combination of the weekly S1 simple pivot point at 1.2515 and the 1.2500 mark. Further below, note the weekly S2 at 1.2447.On the other hand, a move above the 1.2580 level could be stopped by the descending 50, 100 and 200-hour simple moving averages near the 1.2600 mark. Higher above, take into account the weekly simple pivot point at 1.2631.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD pair is confirming the 1.2610/1.2670 range as resistance. The range acted as support throughout the first half of August.A continuation of the broader decline could result in the rate looking for support in the 1.2300/1.2450 range and the 200-day simple moving average.
Daily chart
Read More: Technical Analysis
Traders are bullish on GBP
On Tuesday, open GBP/USD positions by Swiss Foreign Exchange traders were 60% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 64% to sell.
On Monday, positions were 60% long and orders were 57% to sell.
On Tuesday, open GBP/USD positions by Swiss Foreign Exchange traders were 60% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 64% to sell.
On Monday, positions were 60% long and orders were 57% to sell.