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
An extension of the ongoing decline would have no technical support as low as the weekly S1 simple pivot point at 1.0941 and the October low levels at 1.0922/1.0932. However, note that the pair could find support in the round levels at 1.1100, 1.1050, 1.1000.On the other hand, a recovery of the Pound against the US Dollar could encounter resistance in the 1.1250 level and the 50 and 100-hour simple moving averages. Higher above, note 1.1300 and 1.1350 levels. Meanwhile, the rate has ignored the 1.1050 level and the weekly simple pivot point at 1.1160.
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 since Monday the SMA acted as resistance near 1.1400.Daily chart
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Traders are short
On Thursday, traders were bearish, as 61% 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 56% to sell the GBP/USD.
On Friday, the positions were 57% short and orders were 55% to buy.
On Thursday, traders were bearish, as 61% 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 56% to sell the GBP/USD.
On Friday, the positions were 57% short and orders were 55% to buy.