Since GMT midnight to Monday, the GBP/USD currency exchange rate was finding support in the 1.3760 mark. Meanwhile, resistance was being provided by the combination of the 55 and 100-hour simple moving averages at 1.3790 and 1.3795.
Economic Calendar
On Wednesday, at 12:30 GMT, the US Durable Goods Orders and Core Durable Goods Orders change data will be published. The rate has moved only 7.9 to 17.9 pips due to the release since May.
At 12:30 GMT, on Thursday, the US Advance GDP is expected to impact the value of the US Dollar. In addition, the US Unemployment Claims could also slightly impact the USD. The GDP has moved the GBP/USD from 9.6 to 21.8 pips, and the Claims from 12.1 to 18.3 base points.
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
If the GBP/USD passes the resistance of the 55 and 100-hour simple moving averages and the 1.3800 mark, the pair could reach the resistance of the weekly R1 simple pivot point at 1.3831 and the previous week's high at 1.3835.However, a decline of the rate would most likely first look for support in the 1.3760 level. Afterwards, the 200-hour SMA near 1.3750 might keep the pair up.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate's recovery has pierced the resistance of the 100-day simple moving average. However, the 200-day SMA still provides resistance and strengthens the 1.3850 mark.Daily chart
Read More: Technical Analysis
Traders remain short
Since Friday, traders were short, as 61% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 52% to buy.
Since Friday, traders were short, as 61% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 52% to buy.