This week, all attention will be on the US Core PCE Price Index release on Friday at 12:30 GMT.
GBP/USD short-term view
The decline could look for support in the weekly S1 simple pivot point at 1.2170 and the lower trend line of the channel down pattern. In the case of the pattern failing, the rate might reach for the 1.2510 level and the combination of the weekly S2 at 1.2103 and the 1.2100 mark.On the other hand, a recovery of the Pound against the US Dollar is set to face the 1.2250 level and the 50-hour simple moving average. Higher above take into account the combination of the 100-hour simple moving average and the weekly simple pivot point near 1.2300.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD pair has continued to decline in the channel down pattern and is expected to continue to decline as low as 1.2000.Daily chart
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Traders are bullish on GBP
On Monday, open GBP/USD positions by Swiss Foreign Exchange traders were 68% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 52% to buy.
On Monday, open GBP/USD positions by Swiss Foreign Exchange traders were 68% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 52% to buy.