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
A move above 1.1865 could encounter resistance in the weekly simple pivot point at 1.1876. Higher above, the 1.1900 mark could slow down a surge, before the pair reaches the resistance zone, which surrounds the 1.1950 level.On the other hand, a decline of the Pound against the US Dollar could look for support in the 200-hour SMA and the 1.1800 mark. Below these levels, the recent low level zone at 1.1762/1.1779 might once again stop a decline.
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 Tuesday, traders were still 59% short and pending orders were 60% to sell.
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 Tuesday, traders were still 59% short and pending orders were 60% to sell.