This week, the GBP/USD rate is set to react to a number of events.
First of all note the Tuesday's speech of the Bank of England Governor Bailey at the Mansion House Financial and Professional Services Dinner.
On Wednesday, the UK Consumer Price Index is set to be published at 06:00 GMT. The UK Inflation Data is highly likely going to create GBP volatility.
On Friday, the pair might react to the publication of the UK monthly retail sales data at 06:00 GMT.
Afterwards, note the US Markit Services and Manufacturing Purchasing Managers Index release at 13:45 GMT. The rate might be impacted through the USD value reacting to the publication.
GBP/USD short-term view
A move above the 1.1970 mark could result in the pair testing the resistance of the 1.2000 mark and the weekly R1 simple pivot point at 1.2012. Higher above, note the July 7 and 8 high level zone at 1.2050/1.2055.Meanwhile, a decline of the GBP against the US Dollar could look for support in the 200-hour simple moving average near 1.1910, the 1.1900 mark, the weekly simple pivot point at 1.1886 and the 50 and 100-hour SMAs near 1.1850/1.1870.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair shows that it has reached a new 2022 low level. The pair has no additional technical support on this chart as low as the 1.1500 mark, where the lower trend line of a channel down pattern is located at.Daily chart
Read More: Technical Analysis
Traders are mostly long
On Monday, traders were long, 64% 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 59% to buy the GBP/USD.
On Monday, traders were long, 64% 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 59% to buy the GBP/USD.