On Monday, the GBP/USD currency exchange rate passed the support of the 55-hour simple moving average and a monthly pivot point at 1.3020.
In general, the rate was expected to look for technical support near the 1.3000 level.
Economic Calendar
During the week, there are couple events that could impact the GBP/USD rate.
On Wednesday, at 09:30 GMT, the UK CPI is set to be published.
On Thursday, UK Retail Sales data is set to be published at 09:30 GMT.
The week's data is available. Click on the link below to see the historical data tables with the reactions to the events.
Read More: 17.02-21.02 Event Historical Reactions
GBP/USD short-term review
On Monday, the rate passed the support levels near 1.3020 level. Due to that reason the rate was expected to aim at the support levels near 1.3000.At that level, the rate should meet with the psychological support of the 1.3000 level, the weekly pivot point and the 100-hour simple moving average.
If this level holds, the rate should trade sideways. On the other hand, if the 1.3000 fails, the pair could decline to the 200-hour SMA near 1.2973.
Hourly Chart
On the daily candle chart, the rate has bounced off the resistance of the 55-day simple moving average, which kept the rate down on Thursday and Friday near the 1.3065 level.
Daily chart
Read More: Technical Analysis
Traders remain neutral on GBP/USD
On Monday, 52% of open GBP/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader orders were also neutral. In the 100-pip range, 52% of orders were to buy and 48% were sell orders.
Meanwhile, trader orders were also neutral. In the 100-pip range, 52% of orders were to buy and 48% were sell orders.