Namely, no support and resistance is being found in the 50 and 100-hour simple moving averages, the weekly simple pivot point at 1.2133 and the round exchange rate levels of 1.2100 and 1.2150. Economic Calendar
Watch out for the Wednesday's Federal Reserve's FOMC Meeting Minutes at 18:00 GMT.
On Thursday, the ADP Non-farm Employment Change might impact the markets through the value of the US Dollar.
On Friday, the United States are scheduled to release their monthly employment data at 12:30 GMT. Expect the data release to consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
GBP/USD short-term view
On Tuesday morning, the rate appeared to have started a decline, as the rate reached below Monday's trading levels. If the decline continues, the rate might once again reach the low level zone below 1.2000.On the other hand, if the Pound recovers against the US Dollar, watch out for the recently ignored technical levels, as they might after all impact the rate, prior to a surge to the 1.2200 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate continues to trade in a channel down pattern. Note the pattern's resistance near 1.2400 and the 50-day simple moving average.Meanwhile, note that in June the 1.2000 mark acted as support to the currency exchange rate and caused retracements back up as high as 1.2400.
Daily chart
Read More: Technical Analysis
Traders are long
On Tuesday, traders were long, 55% 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 51% to buy the GBP/USD.
On Monday, open positions were 56% long and pending orders were 57% to buy.
On Tuesday, traders were long, 55% 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 51% to buy the GBP/USD.
On Monday, open positions were 56% long and pending orders were 57% to buy.