This week, on Tuesday at 14:00 GMT, the US Institute for Supply Management Purchasing Managers Index could impact the financial markets through the reveal of the situation in the US services sector and subsequently the US Dollar's value.
GBP/USD short-term view
A move of the Pound higher against the US Dollar might encounter resistance in the 1.1650 level, the 200-hour simple moving average and the weekly R1 simple pivot point at 1.1675. Higher above, note the 1.1715/1.1760 zone.However, a decline of the currency exchange rate would look for support in the 50 and 100-hour simple moving averages near 1.1560 and 1.1530. Further below, the 1.1500 and 1.1450 levels could stop a potential decline.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the currency pair has additional support. Namely, the 2020 March low level at 1.1415 is expected to impact the pair. Below the low level, note the lower trend line of the 2022 channel down pattern.Daily chart
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Buy orders are gone
On Tuesday, traders were bullish, as 67% 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 54% to sell the GBP/USD.
On Monday, open positions were 69% long and pending orders were 55% to buy.
On Tuesday, traders were bullish, as 67% 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 54% to sell the GBP/USD.
On Monday, open positions were 69% long and pending orders were 55% to buy.