At 13:45 GMT, the US Flash Services PMIs could impact the rate through an adjustment in the value of the US Dollar.
On Thursday, at 12:30 GMT the US quarterly Preliminary GDP data is set to cause a move in the US Dollar and all of financial markets.
GBP/USD short-term view
In the case of an extension of the ongoing decline, the Pound could look for support in the 1.1700 mark and the weekly S1 simple pivot point at 1.1693 against the US Dollar. Further below, note the 1.1650 and 1.1600 levels.However, a recovery of the currency pair is set to face resistance in the 1.1800 level and the 50-hour simple moving average. Higher above, the 1.1900 mark is set to act as resistance together with the 100-hour SMA.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate appears to be trading between two zones since mid-June. The pair is respecting resistance of the 1.2270/1.2330 zone. The resistance zone was recently reached by the 100-day simple moving average.Meanwhile, support was found in July in the 1.1760/1.1805 zone, which marks the 2022 low levels.
On August 23, the support zone was pierced, which signals that new low levels could be reached.
Daily chart
Read More: Technical Analysis
Long sentiment increases
On Tuesday, traders were bullish, as 69% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 51% to sell the GBP/USD.
On Monday, traders were 66% long and orders were 51% to sell.
On Tuesday, traders were bullish, as 69% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 51% to sell the GBP/USD.
On Monday, traders were 66% long and orders were 51% to sell.