Economic Calendar
On Tuesday morning, at 06:00 GMT, the United Kingdom Claimant Count Change data will be published. It is expected to impact the value of the Pound.
On Wednesday, at 06:00 GMT, the GBP is set to react to the publication of the UK GDP.
On the same day, the markets will move at 12:30 GMT due to the release of the US Consumer Price Index data.
On Thursday, the US Producer Price Index will be published at 12:30 GMT. There could be a market reaction, if the data deviates from the market consensus forecast.
GBP/USD hourly chart analysis
An extension of the decline might look for support in the weekly S1 simple pivot point at 1.3063. Immediately below this level, there is a support and resistance zone that surrounds the 1.3050 level. Further below, note the strong 1.3000 mark that is strengthened by the weekly S2 simple pivot point.In the meantime, a potential recovery of the Pound against the US Dollar might encounter resistance in the 1.3100 mark, before approaching the combination of the 50, 100 and 200-hour simple moving averages. In addition, the 1.3120/1.3130 zone might resume its impacting on the pair. If these levels fail, the 1.3150 level and the weekly simple pivot point could impact the pair.
Hourly Chart
GBP/USD daily candle chart analysis
On the daily candle chart, the pair has broken the resistance and support range that surrounded the 1.3100 mark. The next target for the decline is the combination of the 1.3000 level and the 50-day simple moving average.Read More: Technical Analysis
Traders remain short
On Monday, trader open position volume showed that 71% of trader open positions were short.
Meanwhile, pending orders 100-points around the rate were 54% to sell.
On Thursday, traders were 71% short, but pending orders were 56% to buy.
Meanwhile, pending orders 100-points around the rate were 54% to sell.
On Thursday, traders were 71% short, but pending orders were 56% to buy.