This week, all attention will be paid to the US Federal Reserve Rate Statement on Wednesday at 18:00 GMT. It is set to set the tone for the rest of the central banks and the global economy.
In addition, note that on Thursday, the markets will be watching the US Advance quarterly Gross Domestic Product data at 12:30 GMT.
GBP/USD short-term view
If the Pound declines against the US Dollar, it might look for support in the 50 and 100-hour simple moving averages near 1.2020 and 1.2000. Further below, note the weekly simple pivot point at 1.1975 and a trend line, which connects the pair's July low levels.On the other hand, a potential move above the weekly R1 simpe pivot point at 1.2087 might encounter resistance in the 1.2100 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has reached the upper trend line of the 2022 channel down pattern. If the pair breaks the pattern and surges, resistance might be found in the 50-day simple moving average near 1.2200.Daily chart
Read More: Technical Analysis
Traders are mostly long
On Tuesday, traders were long, 63% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 51% to buy the GBP/USD.
On Tuesday, traders were long, 63% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 51% to buy the GBP/USD.