At mid-day, the US Consumer Price Index release revealed that the US needs to tighten monetary policy, which caused a drop of the USD. The fundamental event resulted in a move up to the resistance zone at 1.3045/1.3055. Economic Calendar
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 rate bounces off the resistance zone at 1.3045/1.3055, the pair might find support in the 50-hour simple moving average at 1.3020, before reaching the 1.3000 mark and the support zone at 1.2980/1.2989.On the other hand, a move above 1.3055 is set to face resistance of the weekly simple pivot point at 1.3060. Higher above, note the 200-hour simple moving average at 1.3080.
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 Tuesday, positions were 74% long and orders were 52% to sell.
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 Tuesday, positions were 74% long and orders were 52% to sell.