Economic Calendar
On Tuesday, the US ISM Services Purchasing Managers Index release at 14:00 GMT could cause a minor move on USD pairs. However, note that during most times the event does not cause an increase of volatility.
On Wednesday, at 18:00 GMT, the Federal Open Market Committee is set to publish its Meeting Minutes. Note that it will be just the meeting minutes for the previous meeting. There is no rate announcement or statement being published. Namely, the meeting minutes will have more detailed information about the previous decision of the Federal Reserve.
On Thursday, the US Unemployment Claims at 12:30 GMT could cause a minor move on USD pair and commodity price charts.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
Given that the 55-, 100– and 200– hour SMAs are below the current price level, bullish traders are likely to continue to pressure the exchange rate higher during the following trading session. The potential target for the GBP/USD pair will be near the weekly R1 at 1.3940.However, buyers could encounter resistance at the 1.3900 area within the following trading session.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the recent US Dollar's decline had propelled the rate to the resistance of the 1.3900 mark.If the 1.3900 fails to provide resistance, the pair could reach the 100-day simple moving average near 1.3950 and, afterwards, the 1.4000 mark together with the 55-day SMA.
On the other hand, a potential decline could once again look for support in the 1.3800 mark before reaching for the March and April low levels and the 200-day simple moving average near 1.3675.
Daily chart
Read More: Technical Analysis
Traders go short
On Tuesday, traders were short, as 53% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Monday, the sentiment was 51% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 85% to sell. Additional short positions could soon open up.
On Tuesday, traders were short, as 53% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Monday, the sentiment was 51% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 85% to sell. Additional short positions could soon open up.