Economic Calendar
This week, notable events for the rate are scheduled for Thursday. At 08:30 GMT, the S&P Global Purchasing Managers Index survey results for the Manufacturing and Services sectors will be published.
On the same day, at 13:45 GMT, the US S&P Global Manufacturing and Services PMIs will be published. The survey results could move the USD, if the released results are a lot different from the market forecasts.
On Friday, the markets could react to the publication of the US Durable Goods Orders at 12:30 GMT. However, this data release has not impacted the USD for quite a long period.
GBP/USD hourly chart analysis
A move below the 1.3000 mark could result in the rate declining to the weekly S1 simple pivot point at 1.2979 and the last week's low level range near 1.2975. Further below, the 1.2950 level could act as support, before the pair approaches the weekly S2 at 1.2912 and the 1.2900 mark.However, a recovery of the Pound against the USD might face resistance in the 50 and 100-hour simple moving averages near 1.2930 and the combination of the weekly simple pivot point at 1.3040 and the 200-hour SMA. Higher above, note the high level range at 1.3060.
Hourly Chart
GBP/USD daily candle chart analysis
As described previously, the pair has declined further to look for support in the 100-day simple moving average and the range that surrounds the 1.3000 mark.A move below these levels could result in the pair looking for support in the 1.2900 mark, before approaching the 1.2800 level and the 200-day simple moving average.
On the other hand, a recovery of the rate could face resistance at 1.3100 and the 50-day SMA.
Read More: Technical Analysis
Traders cut short positions
On Monday, Dukascopy trader open position volume showed that 54% of trader open positions were short.
Meanwhile, pending orders 100-points around the rate were 66% to buy.
On Wednesday, traders were 61% short, but pending orders were 59% to buy.
Meanwhile, pending orders 100-points around the rate were 66% to buy.
On Wednesday, traders were 61% short, but pending orders were 59% to buy.