On Wednesday morning, the currency pair had recovered to the combined resistance of the 1.1050 level and the 50-hour simple moving average. Economic Calendar
This week, the markets are looking forward for the monthly United States inflation and retail sales data. In addition, on Wednesday, the FOMC Meeting Minutes might impact the markets.
On Wednesday, at 12:30 GMT, the US Producers Price Index change will reveal inflation at the production level.
Later on, at 18:00 GMT, the Federal Reserve Federal Open Market Committee Meeting Minutes are going to provide more insight into the decisions of the US monetary policy makers.
On Thursday, the top event of the week will take place. The United States Consumer Price Index is scheduled to be published at 12:30 GMT.
On Friday, at 12:30 GMT, the US Retail Sales data could also impact the financial markets.
GBP/USD short-term view
A decline of the Pound against the US Dollar might look for support in the 1.0950 mark, the weekly S1 simple pivot point at 1.0934 and the low level zone at 1.0920/1.0935. Further below, note the 1.0900, 1.0850 and 1.0800 levels.On the other hand, a recovery of the currency exchange rate would have to break the 1.1050 level, before approaching the 1.1100 mark and the 100-hour simple moving average. Higher above, take into account the 1.1150 level, the 1.1175/1.1180 zone and the 200-hour SMA near 1.1200.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the 50-day simple moving average near 1.1550 is highly likely going to impact the rate. It could act as additional resistance, as it reaches lower.Daily chart
Read More: Technical Analysis
Traders become bearish
On Wednesday, traders were slightly bearish, as 54% 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 50% to buy and sell the GBP/USD.
On Tuesday, the positions were 51% short and orders were 54% to sell.
On Wednesday, traders were slightly bearish, as 54% 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 50% to buy and sell the GBP/USD.
On Tuesday, the positions were 51% short and orders were 54% to sell.