During today's morning, the GBP/USD exchange rate was trading below the psychological level at 1.3000.
Given that the rate is supported by the 55- and 100-hour moving averages, it is likely that some upside potential could prevail.
Economic Calendar
This week there is only one event that could affect the GBP/USD pair.
On Thursday, October 24, the US Durable Goods data will be released at 12:30 GMT.
Take a look at the published historical data tables by clicking on the link below.
Read More: 14.10-18.10 Event Historical Reactions
GBP/USD short-term review
Yesterday, the GBP/USD exchange rate failed to exceed the psychological level at 1.3000. During Tuesday morning, the rate was testing the support provided by the 55-hour SMA at 1.2936.If the given moving average holds, it is likely that the currency pair could try to surpass the given psychological level. If it does not hold, the pair could increase to the 1.3050 mark.
On the other hand, the British Pound could consolidate against the US Dollar in the short run near the Fibonacci 38.20% retracement at 1.2918. Also, note that the British Pound could be affected by the UK Parliament Brexit vote.
Hourly Chart
On the daily candle chart, the exchange rate surpassed the resistance provided by the 200-day moving average.
The rate faced the resistance level formed by the monthly R2 at 1.2904. The given moving average could now provide support, thus, the rate could continue to extend gains.
Daily chart
Read More: Technical Analysis
Traders go short
Since Monday, 68% of open GBP/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader orders were neutral. In the 100-pip range, 50% of orders were to sell and 50% were to buy.
Meanwhile, trader orders were neutral. In the 100-pip range, 50% of orders were to sell and 50% were to buy.