This week, the US Retail Sales data release might impact the financial markets through the value of the US Dollar. The data is scheduled to be published on Wednesday at 13:30 GMT.
GBP/USD short-term view
A move above 1.1900 could encounter resistance in the 1.2000 mark, before approaching the weekly R1 at 1.2026. Higher above, note that the 1.2100 and 1.2150 levels might slow down a surge.However, a decline of the Pound against the US Dollar below 1.1800 and the 50-hour SMA could look for support in the 1.1750 level and the 100-hour simple moving average, prior to approaching the 1.1700 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has reached the resistance of the 200-day simple moving average. In the meantime, note that the 100-day SMA has been left behind near the 1.1600 mark.Daily chart
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Traders are short
This week, traders were bearish, as 62% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 51% to buy the GBP/USD.
This week, traders were bearish, as 62% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 51% to buy the GBP/USD.