On Tuesday, another test of the 1.2700 was done by the GBP/USD. However, the rate failed to pass that level.
In general, the 1.2700 could be passed, as soon as the 55-hour SMA pushes the rate through it.
Economic Calendar
This week, there will be UK macroeconomic data releases, which are expected to impact the GBP/USD through the adjustments of the GBP value.On Wednesday, at 08:30 GMT the UK Consumer Price Index is scheduled to be released. The event has caused moves from 13.6 to 23.1 pips.
Later in the day, at 12:30 GMT the US Retail Sales could impact the rate through the value of the USD. Namely, since May this event has caused moves on the GBP/USD from 10.5 to 28.9 base points.
On Thursday, the UK Retail Sales are set to be published at 08:30 GMT. This data release has caused adjustments of the GBP/USD rate from 11.5 to 24.5 pips.
Meanwhile, take into account that next week there will be other events, which are expected to cause reactions on other currency exchange rates. Take a look at the published historical data tables by clicking on the link below.
Read More: 14.10-18.10 Event Historical Reactions
GBP/USD short-term review
On Tuesday morning, the GBP/USD was being pushed higher by the 55-hour SMA. Previously, it was expected that this might occur. By the middle of the day, the rate had tested the resistance of the 1.2700 level, which managed to hold.In regards to the near term future, the rate was set to be pushed above the 1.2700 level by the 55-hour SMA.
On the other hand, the rate might trade between the support of the monthly pivot point at 1.2600 and the 1.2700 level.
Hourly Chart
On the daily candle chart, the surge was stopped by the 200-day simple moving average at the 1.2715 level. The SMA is expected to continue to provide resistance.
Meanwhile, the 100-day SMA was providing support at the 1.2413 level. It could pause a fall of the rate in the case of the 1.2500 level failing to stop a decline.
Daily chart
Read More: Technical Analysis
Traders go short
On Monday, 53% of open GBP/USD position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Tuesday's London trading, the sentiment was 64% short.
Meanwhile, trader orders were slightly bearish. In the 100-pip range, 55% of orders were to sell and 45% were to buy.
Previously, the orders were 85% to buy.
By the middle of Tuesday's London trading, the sentiment was 64% short.
Meanwhile, trader orders were slightly bearish. In the 100-pip range, 55% of orders were to sell and 45% were to buy.
Previously, the orders were 85% to buy.