On Monday, the rate passed the resistance of the 200-hour SMA and the weekly simple pivot point near the 1.3075 level. Afterwards, the rate was pushed down by the combined resistance of the 55 and 100-hour SMAs at 1.3100.
By the middle of Tuesday's GMT trading hours, the rate remained below the 1.3100 mark.
Economic Calendar
On Tuesday, the US Core PPI and PPI data are going to be released at 12:30 GMT.
On Wednesday, the UK GDP data, as well the Manufacturing Production data is set to be issued at 6:00 GMT. Later that day, the US Core CPI and CPI data will be released at 12:30 GMT.
On Thursday, the US Unemployment Claims data might affect the market. The release is scheduled to 12:30 GMT.
The week will end with the US Retail Sales data release on Friday at 12:30 GMT.
Click on the link below to find out more about the data releases.
GBP/USD short-term review
Yesterday, the GBP/USD exchange rate tested the 100-hour SMA near 1.3100. During Tuesday morning, the rate continued to test the given resistance.It is likely that the currency pair could gain support from the 200-hour moving average near 1.3090 and trade upwards in the nearest future. In this case the pair could target the weekly R1 at 1.3166.
Meanwhile, if the predetermined resistance holds, it is likely that a reversal south could occur, and the currency pair could re-test the psychological level at 1.3020.
Hourly Chart
On the daily candle chart, the rate is consolidating in the 1.3100 area.
In the meantime, it is likely that the rate is in the overbought area, as it is trading far above the 55-, 100- and 200-day moving averages.
Daily chart
Read More: Technical Analysis
Traders are short
Since Monday, 67% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the orders were neutral, as 52% of pending orders were set to sell the GBP/USD pair.
The orders were 52% bullish on Monday
Since Monday, 67% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the orders were neutral, as 52% of pending orders were set to sell the GBP/USD pair.
The orders were 52% bullish on Monday