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 move above the 1.2650 mark could encounter resistance in the upper trend line of the channel down pattern that captures the pair's recent decline. Higher above, note the weekly R1 simple pivot point at 1.2699 and the 1.2700 mark.However, a potential bounce off from the resistance could result in the rate looking for support in the weekly simple pivot point at 1.2631 and the 1.2620 level. Further below, the 1.2548/1.2579 range might once again stop a decline.
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 Friday, open GBP/USD positions by Swiss Foreign Exchange traders were 57% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 53% to sell.
On Monday, positions were 60% long and orders were 57% to sell.
On Friday, open GBP/USD positions by Swiss Foreign Exchange traders were 57% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 53% to sell.
On Monday, positions were 60% long and orders were 57% to sell.