(DAILY NOTION) GBP/USD Tested Key Support, Next Mover: Upcoming U.S. Data Release

The GBP/USD started to decline below 1.3500 after a steady increase near 1.3625. By looking at the daily chart, the GBP/USD pair faced a selling pressure and declined below the level of 1.3400.

On top of that, the GBP/USD gained pace and move downwards below the 1.3200 level. However, the pair touches the major support level at 1.3180, indicate the price will tend to stop and about to reverse into an upward trend.

The red line indicate the 100-day SMA and green line indicate 200-day SMA. The next major support level for this pair is near the 1.3100 level. Analyst forecast that if there are more downsides of the price, GBP/USD could decline toward the 1.2850 level or the 200-day SMA line.

Investors will be awaiting the announcement of the U.S. initial jobless claims, which forecast to increase by 890,000 from previous 885,000. Besides that, investors will be eying on the next market mover, such as the durable goods order, consumer spending, new home sales, consumer sentiment index which will direct the GBP/USD exchange rate this week.

By looking at the FOLLOWME Overall Sentiment (As of 12:30 p.m.), the overall sentiment of FOLLOWME traders in the GBP/USD leans towards long position with a ratio of 51.86%  while the rest of 48.14% is short position .