Economic Calendar
This week, the GBP/USD could react to a number of macroeconomic data publications.
On Tuesday, at 06:00 GMT, the UK Unemployment Claimant Count Change might impact the Pound.
On Wednesday, the Untied Kingdom's inflation data will be published. The markets expect annual inflation to have declined to 1.9%.
On Thursday, watch the US release of the monthly Retail Sales data and the weekly Unemployment Claims at 12:30 GMT.
On Friday, the UK Retail Sales data will be out at 06:00 GMT.
GBP/USD hourly chart analysis
In the case of a decline, the rate could be slowed down by the weekly S1 simple pivot point at 1.3014. Below the 1.3000 mark, watch the lower trend line of the channel pattern.However, a potential recovery of the Pound against the US Dollar is set to face the 50 and 100-hour simple moving averages and the upper trend line of the channel pattern, prior to the rate approaching the weekly simple pivot point at 1.3074 and the 1.3080 level. Higher above, note the 1.3100/1.3115 range and the 200-hour simple moving average.
Hourly Chart
GBP/USD daily candle chart analysis
As described on Wednesday, the pair has declined further to look for support in the 100-day simple moving average and the range that surrounds the 1.3000 mark.A move below these levels could result in the pair looking for support in the 1.2900 mark, before approaching the 1.2800 level and the 200-day simple moving average.
On the other hand, a recovery of the rate could face resistance at 1.3100 and the 50-day SMA.
Read More: Technical Analysis
Traders reduce short position amount
On Monday, Dukascopy trader open position volume showed that 58% of trader open positions were short.
Meanwhile, pending orders 100-points around the rate were 52% to buy.
On Wednesday, traders were 64% short, but pending orders were 75% to buy.
Meanwhile, pending orders 100-points around the rate were 52% to buy.
On Wednesday, traders were 64% short, but pending orders were 75% to buy.