On Tuesday, the GBP/USD passed the resistance zone near 1.4160, the weekly R1 simple pivot point at 1.4181 and the 1.4200 mark.
Economic Calendar
The UK CPI YoY is set to come out on Wednesday at 06:00 GMT. The GBP/USD currency exchange has moved on the release from 11.4 to 16.1 during the last five months.
Later on that day, the rate could move due to the FOMC Meeting Minutes at 18:00 GMT. The pair has moved from 5.1 to 10.2 pips on the release.
On Friday, the UK Retail Sales MoM will be released. The pair has moved due to the release from 7.4 to 20.6 since January.
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
In the near term future, the currency exchange rate was expected to reach fort the 1.4250 level and the weekly R2 simple pivot point at 1.4258. In general, the rate should consolidate below these levels, as due to the hourly simple moving averages being left behind it appears to be overbought.On the other hand, a potential breaking of the 1.4250 level and the weekly R2 simple pivot point would result in a surge up to the 1.4300 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD remains in the borders of the channel up pattern, which has guided it since early April. The rate is testing the upper trend line of the pattern.In addition, note that the rate reversed its February surge just before reaching the 1.4250 level. Namely, the surge ended at the 1.4243 mark.
Daily chart
Read More: Technical Analysis
Traders set up sell orders
On Tuesday, traders were short, as 71% of trader open position volume on the Swiss Foreign Exchange was in short positions.
During the middle of Monday, the sentiment was 69% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 81% to sell. Previously, 60% of orders were to buy.
On Tuesday, traders were short, as 71% of trader open position volume on the Swiss Foreign Exchange was in short positions.
During the middle of Monday, the sentiment was 69% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 81% to sell. Previously, 60% of orders were to buy.