On Tuesday, at 13:45 GMT, the US PMIs will be published and are expected to impact the US Dollar.
On Wednesday, at 20:35 GMT, the head of the Federal Reserve Jerome Powell is set to speak publicly. However, he is going to give open remarks at a Lecture for Social Science and Public Policy not a monetary policy event.
On Thursday, the markets are set to react to the US Advance GDP data publication at 12:30 GMT.
On Friday, the US Core PCE Price Index data will impact the value of the US Dollar. The US monetary policymakers watch the Personal Consumption Expenditures data to adjust their policy. The data shows inflation at the consumer level. Namely, how the average person has been impacted by the inflation during the last month.
GBP/USD short-term view
A move above the resistance range at 1.2215/1.2225 and the weekly R1 simple pivot point at 1.2220 could result in the GBP/USD currency pair reaching as high as 1.2285 where the weekly R2 simple pivot point is located at.On the other hand, a decline of the rate is expected to be slowed down by the 200-hour SMA at 1.2185, prior to the rate approaching the combination of the 50 and 100-hour simple moving averages and the weekly simple pivot point near 1.2150. Further below, note the mentioned 1.2100 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD is once again approaching the upper trend line of the channel down pattern. A move above the line might result in another test of the 1.2300/1.2450 range and the 50-day simple moving average.Daily chart
Read More: Technical Analysis
Traders are long
On Monday, open GBP/USD positions by Swiss Foreign Exchange traders were 61% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 65% to sell.
On Monday, open GBP/USD positions by Swiss Foreign Exchange traders were 61% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 65% to sell.