On Tuesday morning, the GBP/USD currency exchange rate found resistance at 1.3290. The event was followed up by a decline. By the middle of the day's European trading hours, the pair had reached the 1.3240 level.
Economic Calendar
On Thursday, a minor USD move could occur due to the weekly US Unemployment claims release at 13:30 GMT. The GBP/USD has moved from 7.8 to 31.6 pips on the release since November 4.
On Friday, the value of the US Dollar is most likely going to adjust to the publication of the US Consumer Price Index and Core Consumer Price Index changes at 13:30 GMT. The pair has moved from 23.5 to 58.0 pips on the announcement.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
A continuation of the decline of the GBP against the USD might result in the rate once again testing the support zone at 1.3195/1.3210. The zone consists of the November 30 and December 3 low levels.Meanwhile, a surge of the rate might find resistance in the 50-hour SMA at 1.3250, the weekly simple pivot point at 1.3269, the 100-hour SMA at 1.3277 and the 1.3275/1.3290 zone. Above these levels, the 1.3300 mark and the 200-hour simple moving average are highly set to act as resistance.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate remains in the borders of the large scale channel down pattern. Note the lower trend line of the pattern near 1.3200.Daily chart
Read More: Technical Analysis
Traders are long
On Monday, traders were bullish, as 66% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 55% to sell the GBP against USD.
On Tuesday, the sentiment was 67% long and orders were 56% to sell.
On Monday, traders were bullish, as 66% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 55% to sell the GBP against USD.
On Tuesday, the sentiment was 67% long and orders were 56% to sell.