GBP/USD respects support of 1.1950

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The GBP/USD currency pair has found support in the zone near 1.1950. This zone has acted as support and resistance since November 16.

Economic Calendar



Starting with Tuesday, the scheduled fundamental events will start to impact the financial markets. At 15:00 GMT, the CB Consumer Confidence could impact the US Dollar's value.

On Wednesday, various US events are expected to cause market moves. At 13:15 GMT, the US ADP Non-Farm Employment Change might cause a minor USD move.

Afterwards, at 13:30 GMT, the US Preliminary Quarterly GDP is set to reveal whether the United States remain in a recession.

The day will end with a speech of the US Federal Reserve Chairman Jerome Powell at the Brooking Institution in Washington at 18:30 GMT.

On Thursday, note the Core PCE Price Index release at 13:30 GMT. The US monetary policymakers watch this index as a measure of inflation, not the Consumer Price Index.

Afterwards, the US ISM Manufacturing PMI could impact the US Dollar's value at 15:00 GMT.

The week is set to end with the release of the United States employment data at 13:30 GMT. The data release consists of the US Average Hourly Earnings changes, Non-Farm Employment Change and Unemployment Rate.

GBP/USD short-term view

If the Pound recovers against the US Dollar, it would have to break the combined resistance of the 1.2050 level and the 50 and 100-hour simple moving averages. Higher above, note that the 1.2100 and 1.2150 levels have acted as resistance.

On the other hand, a decline of the GBP/USD might once again look for the support in the 1.1940/1.1960 zone and the 200-hour simple moving average. Further below, note the 1.1900 mark, the weekly S1 simple pivot point at 1.1869 and the 1.1850 level.

Hourly Chart

GBP/USD daily chart's review

On the daily candle chart, the pair has broken the resistance of the 200-day simple moving average. Most recently, the SMA has started to act as support.

Higher above, note the summer high level zone at 1.2275/1.2330. It could stop the ongoing surge.
Daily chart


Traders are mostly short


On Tuesday, traders were bearish, as 62% 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 56% to sell the GBP/USD.

Actual Topics

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