On Monday, look out for the Markit Services and Manufacturing sector Purchasing managers Indices. The European release is set to occur from 07:15 up to 08:00 GMT. The UK data will be out at 08:30 GMT. US results will be published at 13:45 GMT.
On Tuesday, the Consumer Board Consumer Confidence survey results might impact the US Dollar's value.
On Thursday, the Euro will react to the European Central Bank's announcement of the Main Refinancing Rate and the follow up press conference. The publication of the rate and monetary policy statement is scheduled for 12:15 GMT. The press conference is scheduled for 12:45 GMT.
Meanwhile, between the ECB events, at 12:30 GMT the US Advance GDP is set to be published. The event will impact all US Dollar pairs.
On Friday, the US Core PCE Price Index is scheduled to be published at 12:30 GMT. This inflation measure is watched by the US Federal Reserve when setting their policy.
GBP/USD short-term view
A move below 1.1300 might look for support in the weekly simple pivot point at 1.1265, the 50, 100 and 200-hour simple moving averages and the 1.1250 level. Further below, take into account the 1.1200 and 1.1150 levels. Afterwards, the last week's low and the 1.1100 level could act as support.However, a recovery of the Pound against the US Dollar would have to pass the 1.1400 level, before testing the 1.1450 and the weekly R1 simple pivot point at 1.1470. Higher above, note that the 1.1500 level could act as resistance.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, it was previously reported that the 50-day simple moving average near 1.1500 is highly likely going to impact the rate. It could act as additional resistance, as it reaches lower. The expectations have become reality, as for a week the SMA acted as resistance near 1.1400.Daily chart
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Traders are short
On Monday, traders were bearish, as 57% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 61% to buy the GBP/USD.
On Friday, the positions were 57% short and orders were 55% to buy.
On Monday, traders were bearish, as 57% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 61% to buy the GBP/USD.
On Friday, the positions were 57% short and orders were 55% to buy.