On Tuesday, at 08:30 GMT, the Pound's value is scheduled to react the publication of the UK Flash Manufacturing and Services Purchasing Managers Indices.
At 13:45 GMT, the US Flash Services PMIs could impact the rate through an adjustment in the value of the US Dollar.
On Thursday, at 12:30 GMT the US quarterly Preliminary GDP data is set to cause a move in the US Dollar and all of financial markets.
GBP/USD short-term view
A continuation of the currency exchange rate might look for support in the July low level at 1.1760. Further below, technical support could be found in the weekly S1 simple pivot point at 1.1693. Meanwhile, take into account that the 1.1750 and the 1.1700 levels are capable of acting as support and resistance.However, if the Pound recovers against the USD, the rate would have to reach above 1.1850, the 50-hour simple moving averages and the zone, which surrounds the 1.1900 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate appears to be trading between two zones since mid-June. The pair is respecting resistance of the 1.2270/1.2330 zone. The resistance zone was recently reached by the 100-day simple moving average.Meanwhile, support was found in July in the 1.1760/1.1805 zone, which marks the 2022 low levels.
In the meantime, note that the 1.2000 mark has acted both as resistance and support since the middle of June.
Daily chart
Read More: Technical Analysis
Traders are long on GBP/USD
Prior to the Fed Meeting Minutes, traders were bullish, as 61% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.
On Monday, traders were 66% long and orders were 51% to sell.
Prior to the Fed Meeting Minutes, traders were bullish, as 61% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.
On Monday, traders were 66% long and orders were 51% to sell.