This week, all attention will be on the US Core PCE Price Index release on Friday at 12:30 GMT.
GBP/USD short-term view
A recovery from the 1.2170 level could encounter resistance in the 1.2200 mark and the 50-hour simple moving average near 1.2220. Higher above, note the 1.2250 level and the 100-hour simple moving average.However, in the case of a resumption of the decline of the Pound against the US Dollar, the rate would look for support in the weekly S1 at 1.2170 and the lower trend line of the channel down patter. Further below, take into account the 1.2150 level.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD pair has continued to decline in the channel down pattern and is expected to continue to decline as low as 1.2000.Daily chart
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Traders are bullish on GBP
On Monday, open GBP/USD positions by Swiss Foreign Exchange traders were 68% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 52% to buy.
On Tuesday, the open positions were 70% long and pending orders were 51% short.
On Monday, open GBP/USD positions by Swiss Foreign Exchange traders were 68% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 52% to buy.
On Tuesday, the open positions were 70% long and pending orders were 51% short.