On Friday, the US Core PCE Price Index data will impact the value of the US Dollar. The US monetary policymakers watch the Personal Consumption Expenditures data to adjust their policy. The data shows inflation at the consumer level. Namely, how the average person has been impacted by the inflation during the last month.
GBP/USD short-term view
A move above 1.2140 is expected to almost immediately face the resistance of the 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.2155. Above these levels, the rate is set to face the resistance of the weekly R1 at 1.2220 and the high and low level range that surrounds it. However, take into account that the 1.2200 mark could slow down a potential surge.However, a decline of the GBP against the US Dollar is expected to look for support in the 1.2100 mark and the range that surrounds it. Below 1.2100, note the October low level range at 1.2035/1.2050.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD pierced the upper trend line of the channel down pattern. However, the combination of the 1.2300/1.2450 range and the 50-day simple moving average was enough to keep the rate down.Daily chart
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Traders are mostly long
On Friday, open GBP/USD positions by Swiss Foreign Exchange traders were 65% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 52% to buy.
On Friday, open GBP/USD positions by Swiss Foreign Exchange traders were 65% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 52% to buy.