Economic Calendar
On Wednesday, at 18:00 GMT, the Federal Open Market Committee is set to publish its Meeting Minutes. Note that it will be just the meeting minutes for the previous meeting. There is no rate announcement or statement being published. Namely, the meeting minutes will have more detailed information about the previous decision of the Federal Reserve.
On Thursday, the US Unemployment Claims at 12:30 GMT could cause a minor move on USD pair and commodity price charts.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
Everything being equal, the currency pair could continue to decline within the following trading session. The possible target for the GBP/USD pair will be near the 1.3733 area.However, bearish traders might find support at 1.3780 during the following trading session.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the recent US Dollar's decline had propelled the rate to the resistance of the 1.3900 mark.If the 1.3900 fails to provide resistance, the pair could reach the 100-day simple moving average near 1.3950 and, afterwards, the 1.4000 mark together with the 55-day SMA.
On the other hand, a potential decline could once again look for support in the 1.3800 mark before reaching for the March and April low levels and the 200-day simple moving average near 1.3675.
Daily chart
Read More: Technical Analysis
Traders go short
On Wednesday, traders were short, as 54% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Tuesday, the sentiment was 51% short.
Meanwhile, in the 100-pip range around the exchange rate, the pending orders were 62.16% to sell. Additional short positions could soon open up.
On Wednesday, traders were short, as 54% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Tuesday, the sentiment was 51% short.
Meanwhile, in the 100-pip range around the exchange rate, the pending orders were 62.16% to sell. Additional short positions could soon open up.