Economic Calendar
The top event of all will take place on Wednesday at 18:00 GMT. The US Federal Reserve is scheduled to make a Rate Statement. The GBP/USD has moved from 20.5 to 70.8 pips on the announcement.
On Thursday, the US Advance GDP at 12:30 GMT is bound to move the US Dollar's value. The pair has moved 9.6 to 21.8 pips on the release since April 29, 2020. In addition, at the same time the US Unemployment Claims could cause volatility.
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
If the pair breaks the resistance of the pivot point, it could reach for the resistance zone that surrounds the 1.3900 mark. The zone consists of July high levels. In the case of the zone being passed, most likely the weekly R2 simple pivot point at 1.3919 would provide resistance.Meanwhile, a potential decline would most likely look for support in the 1.3800 mark. Below the 1.3800 level, the hourly simple moving averages could provide additional support.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the exchange rate has passed the resistance of the 1.3800 level. Meanwhile, note that last week the 1.3600 level provided support.In the near term future, the pair could reach the 100-day simple moving average near 1.3900 and, afterwards, the 1.4000 mark together with the 55-day SMA.
However, a potential decline could once again look for support in the 1.3600 mark before reaching for the January low level near the 1.3500 level.
Daily chart
Read More: Technical Analysis
Short sentiment increases
On Monday, traders were bearish, as 54% of traders open positions volume on the Swiss Foreign Exchange was in long positions.
On Tuesday, the market sentiment was 60% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 68% to sell.
On Monday, traders were bearish, as 54% of traders open positions volume on the Swiss Foreign Exchange was in long positions.
On Tuesday, the market sentiment was 60% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 68% to sell.