Economic Calendar
The top event of all will take place on Wednesday at 18:00 GMT. The US Federal Reserve is scheduled to make a Rate Statement. The GBP/USD has moved from 20.5 to 70.8 pips on the announcement.
On Thursday, the US Advance GDP at 12:30 GMT is bound to move the US Dollar's value. The pair has moved 9.6 to 21.8 pips on the release since April 29, 2020. In addition, at the same time the US Unemployment Claims could cause volatility.
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
In the near term future, the surge of the rate could reach for the resistance of the 1.3800 mark, which provided both resistance and support throughout July. Afterwards, the weekly R1 simple pivot point at 1.3835 could provide resistance.Meanwhile, a decline could find support in the combination of the 55 and 200-hour simple moving averages near 1.3750.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the exchange rate has approached the resistance of the 1.3800 level. Meanwhile, note that last week the 1.3600 level provided support.If the 1.3800 fails to provide resistance, the pair could reach the 100-day simple moving average near 1.3900 and, afterwards, the 1.4000 mark together with the 55-day SMA.
However, a potential decline could once again look for support in the 1.3600 mark before reaching for the January low level near the 1.3500 level.
Daily chart
Read More: Technical Analysis
Traders are short
On Monday, traders were bearish, as 54% of traders open positions volume on the Swiss Foreign Exchange was in long positions.
On Friday, the market sentiment was 56% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 71% to sell.
On Monday, traders were bearish, as 54% of traders open positions volume on the Swiss Foreign Exchange was in long positions.
On Friday, the market sentiment was 56% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 71% to sell.