Economic Calendar
On Tuesday, the US Consumer Price Index at 12:30 GMT is expected to impact all USD traded assets and currency pairs.
On Wednesday, at 06:00 GMT the UK Consumer Price Index is set to move all GBP pairs. On the same day, the US Producers Price Index at 12:30 GMT will impact the USD.
On Thursday, the weekly US Unemployment Claims could cause minor USD moves.
The week will end with the US Retail Sales data at 12:30 GMT.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
In the near term future, the pair could be pushed up by the support of the 55, 100 and 200-hour simple moving averages. A potential surge could once again test the resistance of the 1.3900 zone. A passing of the zone could result in the rate reaching the weekly R1 simple pivot point at 1.3963.Meanwhile, a decline would look for support in the 1.3840 level, which reversed the pair's Monday decline. A decline below the 1.3840 mark could look first for support in the 100 and 200-hour SMAs. Afterwards, the weekly S1 at 1.3796 could provide support.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the recent US Dollar's decline had propelled the rate to the resistance of the 1.3900 mark.If the 1.3900 fails to provide resistance, the pair could reach the 100-day simple moving average near 1.3950 and, afterwards, the 1.4000 mark together with the 55-day SMA.
On the other hand, a potential decline could once again look for support in the 1.3800 mark before reaching for the March and April low levels and the 200-day simple moving average near 1.3675.
Daily chart
Read More: Technical Analysis
Traders go short
On Monday, traders were short, as 55% of traders open positions volume on the Swiss Foreign Exchange was in short positions.
On Tuesday, the sentiment was 57% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 57% to sell.
On Monday, traders were short, as 55% of traders open positions volume on the Swiss Foreign Exchange was in short positions.
On Tuesday, the sentiment was 57% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 57% to sell.