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.
However, prior to the United States events that will impact the USD, the UK GDP will be published on Wednesday at 06:00 GMT. The data is expected to impact the rate through the value adjustment of the Pound.
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 move below 1.1000 could find support in the 1.0950 level, the weekly S1 simple pivot point at 1.0934. Below these levels note the 1.0900 mark and the lower trend line of the channel down pattern, which captures the pair's decline from the 1.1500 mark.However, a recovery of the Pound against the US Dollar would have to break above 1.1050 and the combination of the 1.1100 mark and the upper trend line of the channel pattern. Higher above, take into account the 1.1100 mark and the 50 and 200-hour simple moving averages.
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 are almost neutral
On Monday, traders were slightly bearish, as 52% 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 65% to sell the GBP/USD.
On Monday, traders were slightly bearish, as 52% 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 65% to sell the GBP/USD.