- SWFX market sentiment is 68% bullish
- 65% of pending orders in the 100-pip range are to SELL
- US CB Consumer Confidence
The Pound Sterling continued trading sideways against the US Dollar for the third consecutive trading session.
The Bureau of Economic Analysis released Gross Domestic Product data that came lower-than-expected of 4.1%, compared with the forecasted 4.2% but better than previous periods.
The US President Donald Trump said: "Somebody actually predicted today 5.3 [percent growth]. I don't think that's going to happen…if it has a 4 in front of it, we're happy. If it has like a 3, but it's a 3.8, 3.9, 3.7, we're OK. These are unthinkable numbers. If I would have used these numbers during the campaign, the fake news back there would've said he's exaggerating."
US CB Consumer Confidence
The main fundamental event today that can move the position of the GBP/USD currency pair is the US CB Consumer Confidence at 14:00 GMT. This data release is likely going to be covered by the senior analyst of the Dukascopy research team at bank live webinar.
GBP/USD sideways movement continues
No changes occurred to the positioning of GBP/USD on Monday. Lack of outside pressure resulted in the pair remaining between the 100– and 200-hour SMAs in the 1.3100/50 area. It does show a slight tendency upwards along the bottom channel line.The Pound failing to pick up momentum during the previous trading sessions allows to think that some bearish pressure could dominate the pair in the short term. This move should still be confirmed with a southern breakout of the 55– and 200-hour SMAs. In case this occurs, the Sterling should approach the weekly S1 at 1.3040.
Conversely, the rate surpassing the 100-hour SMA would result in a test of the 50.00% Fibonacci retracement, the weekly R1 and the 200-period (4H) SMA at 1.32.
Hourly Chart
When taking a look at the daily time frame of the GBP/USD pair, it was discovered that exchange rate has been moving lower since May when the channel was formed. There were no changes to the overall position for this currency pair.
However, the Japanese candlestick opens above the weekly pivot point at 1.3130 today; this could suggest that the overall position on the one-hour time frame might change within this session.
Daily chart
SWFX traders are LONG today on the GBP/USD pair, as 68% of open positions were bullish during the morning hours. However, traders set up orders are bearish during the morning hours, as 65% of trader set up orders are to SELL the exchange rate.
Meanwhile, the market sentiments of OANDA traders are bullish on the GBP/USD pair as 69% of open positions are long. In addition, Saxo bank traders are 59% bullish in regards to this exchange rate.
Spreads (avg, pip) / Trading volume / Volatility