On Wednesday morning, at 09:30 GMT, the UK Flash Manufacturing and Services PMIs might impact the pair through an adjustment of the Pound's value.
On Wednesday, at 13:30 GMT, the financial markets might react to the US Durable Goods Orders and Unemployment Claims publication.
Later on, at 14:45 GMT, the Markit Services and Manufacturing Purchasing Managers Indices for the US could cause an adjustment of the US Dollar's value.
The day and the week's notable events will end with the release of the US Federal Reserve FOMC Meeting Minutes at 19:00 GMT. The Meeting Minutes are the protocol of the last US Fed meeting. New details might be in the file.
GBP/USD short-term view
In the case of a move below 1.1800, the currency pair might look for support in the 200-hour simple moving average near 1.1760. Further below, note the 1.1750 level and the weekly S1 simple pivot point at 1.1723.However, a recovery of the Pound against the US Dollar would most likely face resistance at 1.1850 and the combination of the 50 and 100-hour simple moving averages and the weekly simple pivot point at 1.1875. Higher above, note the 1.1900 and 1.1950 levels.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has reached the resistance of the 200-day simple moving average. In the meantime, note that the 100-day SMA has been left behind near the 1.1600 mark.Daily chart
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Traders are short
On Monday, traders were bearish, as 59% 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 64% to sell the GBP/USD.
On Monday, traders were bearish, as 59% 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 64% to sell the GBP/USD.