On Monday at 15:00, the US ISM Services Purchasing Managers Index might impact the US Dollar's value.
On Friday, the US Producers Price Index and Core Producers Price Index are set to reveal inflation changes in the United States at the production level. In general, it is assumed that producer level inflation is followed afterwards by consumer level inflation, which the US policymakers want to reduce.
GBP/USD short-term view
The ongoing retracement of the Pound against the US Dollar could look for support first in the combination of the 1.2250 level and the 50-hour simple moving average. Further below, note the 1.2200 mark and the weekly simple pivot point at 1.2160. In the meantime, the 100 and 200-hour SMAs are approaching near 1.2100.On the other hand, a resumption of the surge of the pair would face resistance in 1.2300, 1.2350 and 1.2400, before approaching the resistance of the weekly R1 simple pivot point at 1.2425.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has reached the summer high level zone at 1.2275/1.2330. As expected it is acting as resistance.Above the summer high level zone, take into account the April and May resistance at 1.2610/1.2660.
Daily chart
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Traders are shorting
On Monday, traders were bearish, as 64% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 57% to buy the GBP/USD.
On Friday, traders were 70% short and pending orders were 55% to buy.
On Monday, traders were bearish, as 64% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 57% to buy the GBP/USD.
On Friday, traders were 70% short and pending orders were 55% to buy.