On the GBP/USD charts the US surge was consistent with the 1.2760/1.2780 range acting as support. After the data release, the rate only paused shortly at 1.2600, before approaching 1.2500. However, support was found at 1.2520, and a recovery took place since mid-Monday. Economic Calendar
This week, watch out for a possible move caused by the US weekly Unemployment claims on Thursday at 13:30 GMT. Besides that, the second week of February has nothing notable scheduled that could impact the financial markets.
GBP/USD hourly chart analysis
To continue the recovery, the GBP/USD has to break the weekly S1 simple pivot point at 1.2570 and the 50-hour simple moving average near 1.2585. Higher above, the 1.2590/1.2610 range is expected to once again impact the rate.However, a decline of the pair is expected to look for support in the 1.2520 level, the weekly S2 simple pivot point at 1.2513 and the 1.2500 mark. Further below, note the 1.2450 level, the weekly S3 simple pivot point at 1.2412 and the 1.2400 mark.
Hourly Chart
GBP/USD daily candle chart analysis
On the daily candle chart, the rate has passed below the support of the 50 and 200-day simple moving averages. However, the 100-day SMA is still holding and strengthening the 1.2520 level.Daily chart
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Traders ARE LONG
On Tuesday, traders were 60% long, as that proportion of all open position volume on Swiss Foreign Exchange was in bullish positions.
Meanwhile, pending orders in the 100-pip range around the rate were 56% to sell.
Meanwhile, pending orders in the 100-pip range around the rate were 56% to sell.