By mid-Tuesday it appeared that the weekly S1 simple pivot point and the 1.1940 level were acting as resistance. Economic Calendar
This week, on Wednesday, the US ISM Manufacturing PMI and JOLTS Job Openings could cause an adjustment in the value of the US Dollar at 15:00 GMT.
Afterwards, at 19:00 GMT, the release of the US Federal Open Markets Committee Meeting Minutes are set to impact the value of the US Dollar. The Meeting Minutes are set to reveal more details on the Federal Reserve's previous meeting and rate decision.
On Thursday, the US ADP Non-farm Employment Change might impact the value of the US Dollar at 13:15 GMT.
On Friday, The United States employment data release at 13:30 GMT is highly likely going to impact the US Dollar. Later on, at 15:00 GMT the ISM Services PMI is set to cause minor impact on the financial markets.
GBP/USD short-term view
A move above 1.1940 might aim at the 1.2000 mark, which acted as support throughout most of late December. Higher above, take into account that the combination of the 50, 100 and 200-hour simple moving averages could impact the currency pair.However, a decline below 1.1900 might find support in the weekly S2 simple pivot point at 1.1840, before reaching the 1.1800 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has pierced the support of the 50-day simple moving average. Meanwhile, by mid-Tuesday the support of the 200-day SMA was holding. Further below, note the support and resistance zone near the 1.1800 mark.Daily chart
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Traders go long
On Monday, traders were neutral, as 51% of trader open position volume on the Swiss Foreign Exchange was in long positions and 49% was short.
In the meantime, pending orders in a 100-base point range around the pair were 50% to buy and sell the GBP/USD.
On Tuesday, the sentiment was 53% long and pending orders were 52% to buy.
On Monday, traders were neutral, as 51% of trader open position volume on the Swiss Foreign Exchange was in long positions and 49% was short.
In the meantime, pending orders in a 100-base point range around the pair were 50% to buy and sell the GBP/USD.
On Tuesday, the sentiment was 53% long and pending orders were 52% to buy.