On Tuesday, the GBP/USD continued to trade below the 1.3300 level.
Meanwhile, during the previous trading session the rate managed to confirm the lower trend line of an ascending pattern on the hourly chart.
The British Pound appreciated against the US Dollar, following the UK Average Earnings Index release on Tuesday at 09:18 GMT. The GBP/USD exchange currency rate gained 17 pips or 0.13% during a minute, right after the release. The British Pound continued trading at the 1.3274 area against the US Dollar.
The Office for National Statistics released UK Average Earnings Index data that came out better-than-expected of 3.4%, compared to forecast 3.2%.
Alok Sharma, the UK's minister of state for employment said: "2019 has continued to be a record breaker, with the employment rate topping 76% for the first time, record female employment and unemployment falling below 4% for the first time in 44 years. "
Busy week for fundamental events
This week will be busy for fundamental announcement traders. Both the central banks and various statistics offices are set to make various announcements.On Wednesday, at 09:30 GMT the UK Consumer Price Index will be released. This data release also is expected to be ignored by the markets due to the Brexit politics.
On the same day, at 18:00 GMT the Federal Reserve will publish their FOMC Statement, Economic Projections and the Federal Funds Rate. Moreover, the event will be followed by the FOMC Press Conference.
This event is above all else during this week, as the FOMC sets the value of the US Dollar. In general, the rest of the world's central banks just adapt to the Federal Reserve.
On Thursday, all attention will be on the UK events. At 09:30 GMT the UK Retail Sales will be published. Afterwards, at 12:00 GMT the Bank of England will announce their official Bank Rate and Monetary Policy Summary. The BoE in general is expected to react to the recent Brexit developments and the Federal Reserve.
On Friday, there will be two notable data releases. At 08:30 GMT the German Markit PMIs will be released. They are expected to cause a significant impact on the EUR pairs.
The last event of the week will be the Canadian CPI and Core Retail Sales release at 12:30 GMT.
For more information watch this week's economic calendar analysis stream.
GBP/USD short term review
During Monday's trading session, the currency exchange rate passed through most of the technical indicators to end the trading session at 1.3200. On Tuesday morning, the 55-hour simple moving average supported the rate to trade at the 1.3269 mark.In regards to the near-term future, most likely, the 55-hour and the 100-hour simple moving average will support the British Pound during the day to push it to the 1.3300 level.
On the other hand, today's UK Average Earnings Index release at 9:25 GMT might push the rate to pass through the support levels towards the weekly PP at the 1.3214 mark.
Hourly Chart
On the daily chart the rate trades sideways after the most latest Brexit caused jump.
The sideways trading is expected to end as soon as new relevant information about the Brexit process is published.
Daily chart
Meanwhile, the pending orders have become bearish. In the 100-pip range around the rate of all the set up sell and buy orders 57% orders were set to sell.