Namely, the GBP/USD has not been this low for more than half a century. Economic Calendar
This week, there are two times to look at the economic event calendar.
On Tuesday, at 14:00 GMT, the CB Consumer Confidence index could impact the markets through the US Dollar. Namely, a good reading would indicate that US consumers continue to spend and inflation is set to continue to increase, which would require additional USD monetary tightening.
On Friday, at 12:30 GMT the Core Personal Consumption Expenditure Price Index is bound to make an impact, as the head of the Federal Reserve Jerome Powell revealed last week that he is watching this index as a measure for inflation not the Consumer Price Index.
GBP/USD short-term view
A move above 1.0800 is expected to once again find resistance in the 1.0900 level. Higher above, the 1.1000 mark could slow down a recovery, before the pair reaches the combination of the 1.1050 level, the weekly simple pivot point at 1.1049 and the 100-hour simple moving average.Meanwhile, a decline of the Pound against the US Dollar below the weekly S1 simple pivot point at 1.0637. Further below, the 1.0600 and 1.0500 levels are expected to act as support.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the 2022 channel down pattern has been broken to the downside.Daily chart
Read More: Technical Analysis
Traders are long
On Monday, traders were bullish, as 68% 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 60% to sell the GBP/USD.
On Tuesday, the positions were 69% long and pending orders were 73% to sell.
On Monday, traders were bullish, as 68% 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 60% to sell the GBP/USD.
On Tuesday, the positions were 69% long and pending orders were 73% to sell.