On Tuesday, at 12:30 GMT, the US Consumer Price Index will reveal, how the US inflation has continued to grow, as some market analysts speculate that month-on-month inflation for consumers in the United States could soon hit the 1.00% mark. Expect the US Dollar's value to adjust to the news.
On Wednesday, at 06:00 GMT, the Pound is expected to adjust to the UK year-on-year Consumer Price Index data.
During the middle of Wednesday's trading, at 12:30 GMT, the US Producers Price Index data will reveal how prices have changed at the production level. Most likely, the USD is set to move due to the release.
On Thursday, 12:30 GMT, the US Retail Sales data and weekly Unemployment Claims are scheduled to impact the value of the US Dollar.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
If the currency pair decline below the 1.2980 level, support might be found in the combination of the weekly S1 simple pivot point at 1.2953 and the 1.2950 mark. Further below, note the 1.2900 mark and the weekly S2 simple pivot point at 1.2875.Meanwhile, a potential surge of the Pound against the US Dollar might encounter not only resistance of the 1.3045/1.3055 zone, but also the 50 and 100-hour simple moving averages at 1.3040 and 1.3060 and the weekly simple pivot point at 1.3060.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD has no additional support as low as the long term trend line, which is located below 1.2900.Daily chart
Read More: Technical Analysis
Traders are mostly long
On Monday, traders were long, as 75% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 55% to buy the GBP/USD.
On Monday, traders were long, as 75% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 55% to buy the GBP/USD.