The GBP/USD currency exchange rate declined below the support of the 100 and 200-hour SMAs, the weekly simple pivot point, a lower trend line of a channel down pattern and a 61.80% Fibonacci retracement level.
By the middle of Tuesday's GMT trading hours, the rate had returned to trade near the 1.3500 level. Due to that reason, it could be assumed that the mentioned technical levels were unlikely going to impact the currency pair.
Economic Calendar
On Thursday, at 13:30 GMT, the US Jobless Claims could cause a minor move on all USD pairs and assets that are traded in US Dollars.
GBP/USD short-term review
It was spotted on Tuesday morning that the 55-hour simple moving average had the capability to keep the rate down. Namely, the rate stopped its surge and started to trade sideways, as the SMA approached it.If the SMA continues to provide resistance and move lower, it should push the rate down to test the 1.3430 level. The 1.3430 level reversed the rate's Monday's drop.
On the other hand, in the case of the SMA failing to provide resistance, the rate could retest the last week's high levels near 1.3600.
Hourly Chart
On the daily candle chart, the rate was finding support in the August high level of 1.3485.The support was pierced during late Monday trading hours.
In the meantime, the currency exchange rate remains in a large scale channel up pattern. The rate could test the resistance of the pattern near 1.3680.
Daily chart
Read More: Technical Analysis
Traders remain short
On Monday, 71% of trader open position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Tuesday's trading hours, the sentiment was 68% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 56% to sell the GBP/USD pair.
On Monday, 71% of trader open position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Tuesday's trading hours, the sentiment was 68% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 56% to sell the GBP/USD pair.