During the early hours of Tuesday's trading, the pair as finding support in the 1.1300 level. Meanwhile, it was spotted that the rate has been surging in a channel up pattern since October 11. Economic Calendar
This week, there is only one notable scheduled event, which could impact the US Dollar and the financial markets. On Thursday, a minor move could occur due to the Philadelphia Federal Reserve Manufacturing Index release at 12:30 GMT.
However, GBP pairs might react to the publication of the UK Consumer Price Inflation on Wednesday at 06:00 GMT.
GBP/USD short-term view
Note that a potential decline would look for support in the 1.1300 mark, which is strengthened by the 50-hour simple moving average and the lower trend line of the channel up pattern. If the pattern is broken, the rate could look for support in the 1.1250 level and the 100-hour simple moving average. Further below, note the 1.1200 mark, the 200-hour SMA and the weekly simple pivot point at 1.1160.A resumption of the surge of the Pound against the US Dollar could encounter resistance in the weekly R1 simple pivot point at 1.1398, the 1.1400 and 1.1450 levels. Higher above, there is no technical resistance as high as the combination of the weekly R2 and the upper trend line of the channel pattern near 1.1620.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, it was previously reported that the 50-day simple moving average near 1.1500 is highly likely going to impact the rate. It could act as additional resistance, as it reaches lower. The expectations have become reality, as since Monday the SMA acted as resistance near 1.1420.Daily chart
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Traders are short
On Tuesday, traders were bearish, as 60% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 56% to sell the GBP/USD.
On Monday, the positions were 58% short and orders were 60% to sell.
On Tuesday, traders were bearish, as 60% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 56% to sell the GBP/USD.
On Monday, the positions were 58% short and orders were 60% to sell.