The GBP/USD exchange rate remains to trade below the 1.2950 level. During Tuesday morning, the rate was testing the resistance provided by the 100-hour SMA.
If the given resistance holds, the rate is expected to trade downwards within the following trading session. In this case the rate could re-test the 1.2880 level.
Economic Calendar
This week's data is available. Click on the link below to see the historical data tables with the reactions to the events.Usually, the Monthly GDP and Manufacturing Production are released together. A move from 11.9 to 29.8 has been caused by this event since September.
The quarterly GDP appears once every three months and causes a larger reaction than the monthly data. This release has caused moves from 16.5 to 39.2 pips since November 2018.
On Thursday, the US CPI data sets are set to be published at 13:30 GMT. The GBP/USD has moved from 8.2 to 19.4 pips because of the release.
On Friday, the US Retail Sales data will be out also at 13:30 GMT. This event has caused moves on the pair since September 2019 from 10.5 to 87.4 base points.
Note that the 87.4 pips most likely was caused by another aspect. The second largest move has been 15.5 pips.
Read More: 10.02-14.02 Event Historical Reactions
GBP/USD short-term review
Yesterday, the GBP/USD exchange rate traded sideways in the 1.288/1.2940 range. During Tuesday morning, the rate was testing the 100-hour SMA at 1.2943.If the given resistance holds, it is likely that a reversal south could occur in the nearest future, and the currency pair could re-test the 1.2880 level.
However, note that the rate could gain support of the 55-hour SMA, as well the Fibo 38.20% at 1.2918. In this case, the pair could reach the weekly PP at 1.2986.
Hourly Chart
On the daily candle chart, the rate's decline could look for support in the 100-day SMA, which on Tuesday was located near 1.2900.
Daily chart
Read More: Technical Analysis
Traders are neutral on GBP/USD
On Tuesday, 50% of open GBP/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader orders were neutral. In the 100-pip range, 52% of orders were to buy and 48% were sell orders.
Meanwhile, trader orders were neutral. In the 100-pip range, 52% of orders were to buy and 48% were sell orders.