Since the middle of Monday's trading, the GBP/USD has been fluctuating sideways between the support of the zone near 1.3720 and the 55-hour simple moving average and the resistance of the weekly simple pivot point at 1.3766 and the April 8 and 12 high levels.
Economic Calendar
On Tuesday, the US Consumer Price Index and Core Consumer Price Index could cause moves on all USD assets and pairs. The GBP/USD has moved from 14.8 to 35.6 pips on the release since November 2020.
On Thursday, the US Retail Sales and Core Retail Sales are also bound to influence the value of the US Dollar. The rate has moved from 12.0 to 26.3 pips on the release.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
If the pair manages to break resistance levels and surge higher, it would immediately face the resistance of the 200-hour simple moving average near 1.3790. Above this level, there are no technical resistances as high as the weekly R1 simple pivot point at 1.3861.On the other hand, a passing of the 55-hour SMA and the support zone of 1.3720 could occur. In this case scenario, the pair could once again look for support in the March and April low level.
Hourly Chart
On the daily candle chart, the rate's decline appears to have found support in the 100-day simple moving average, which reached the rate from below on Friday.
Daily chart
Read More: Technical Analysis
Traders are neutral
Since Friday, traders were neutral, as 50% of trader open position volume on the Swiss Foreign Exchange was in short and long positions.
On Tuesday, 51% of volume was long.
Meanwhile, in the 100-pip range around the rate the pending orders were 65% to buy.
Since Friday, traders were neutral, as 50% of trader open position volume on the Swiss Foreign Exchange was in short and long positions.
On Tuesday, 51% of volume was long.
Meanwhile, in the 100-pip range around the rate the pending orders were 65% to buy.