The GBP/USD currency exchange rate remains to trade below the psychological level at 1.3000.
It is likely that the rate could gain support from the 55-hour SMA and trade upwards.
Economic Calendar
Wednesday is a major day for other data releases. Throughout the whole day the Markit institute is set to publish Manufacturing and Services Purchasing Managers Indices. The indices are the result of a major survey of firm representatives.
At 08:30 GMT Pound traders are set to watch the UK Services and Manufacturing PMIs that can cause a move from 15.6 to 25.0 pips.
On the same day, at 13:45 the US PMIs will be released.
On Thursday, as accustomed, at 12:30 GMT, the US weekly Unemployment Claims could cause a move.
The week will end with a possible minor move from the US Durable Goods Orders at 12:30 GMT.
Click on the link below to see the historical reaction tables.
GBP/USD short-term review
The GBP/USD exchange rate remains to trade below the psychological level at 1.3000.It is likely that the currency pair could gain support from the 55-hour moving average near 1.2950 and extend gains within the following trading session. In this case the pair could target the 1.3050 mark.
However, if the given psychological level holds, it is likely that the British Pound could trade sideways against the US Dollar in the short term.
Hourly Chart
On the daily candle chart, the rate has broken the resistance of the 55-day simple moving average. This technical level had kept the rate down throughout this week. Due to that reason, the rate has no technical resistance as high as 1.3100.
In the meantime, support was being provided by the 100 and 200-day SMAs near the 1.2720 level.
Daily chart
Read More: Technical Analysis
Traders are neutral
Since Thursday, 52% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 59% to sell the GBP/USD pair.
Previously, the orders were 52% to buy.
Since Thursday, 52% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 59% to sell the GBP/USD pair.
Previously, the orders were 52% to buy.