This week, the financial markets could react to a couple of United States macroeconomic events.
First of all, the publication of the US Final GDP data on Thursday at 12:30 GMT could cause a move via an adjustment of the USD value.
On Friday, the top event of the week will take place, as the US Core PCE Price Index is scheduled to be released. The PCE Price Index is the top inflation measurement.
GBP/USD hourly chart analysis
A move above the weekly simple pivot point at 1.2659 could encounter resistance in the 100 and 200-hour simple moving averages and the 1.2700 mark. Higher above, note the weekly R1 simple pivot point at 1.2743.In the case of a GBP decline against the US Dollar, the rate could look for support in the 1.2620 level and the 50-hour simple moving average, before reaching the 1.2590/1.2610 range. Below this range, the 1.2535/1.2540 zone is expected to act as support.
Hourly Chart
GBP/USD daily candle chart analysis
On the daily candle chart, the 50 and 100-day simple moving averages acted as support near 1.2775. However, on Friday they failed.The rate could look for support in the 200-day SMA near 1.2547.
Daily chart
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Traders are almost neutral
On Monday, traders were 52% short, as that proportion of all open position volume on Swiss Foreign Exchange was in bearish positions.
Meanwhile, pending orders in the 100-pip range around the rate were 59% to sell.
Meanwhile, pending orders in the 100-pip range around the rate were 59% to sell.