On Monday, GBP/USD jumped. Namely, the currency exchange rate found support in 1.2520 and surged by one percent up to the 1.2646 level, where it met with the resistance of a 61.80% Fibo.
In addition, during the surge the rate broke the resistance of a channel down pattern.
Economic Calendar
There are only couple of events that could affect the GBP/USD rate.
On Thursday, the US Unemployment Claims data is set to be published at 12:30 GMT.
On Friday, the UK Retail Sales data will be issued at 6:00 GMT. On the same day, Markit is going to publish PMIs survey results for the UK and the US.
GBP/USD short-term review
During the second half of Monday's GMT trading hours, the currency exchange rate was testing the resistance of the 61.80% Fibonacci retracement level at 1.2646.If the rate passes the resistance level, it could reach for the weekly R1 simple pivot point at 1.2664.
On the other hand, the rate might bounce off the Fibo and decline as low as the hourly simple moving averages near the 1.2580 level.
Hourly Chart
On the daily candle chart, the rate has faced the resistance provided by the Fibo 61.80% at 1.2646 and the 200-day moving average near 1.2700 since July 8.
In the meantime, the 55- and 100-day moving average could provide support circa 1.2430.
Daily chart
Read More: Technical Analysis
Traders remain long
Since Friday, 54% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the orders were neutral, as 51% of pending orders were set to sell the GBP/USD.
Meanwhile, in the 100-pip range around the rate the orders were neutral, as 51% of pending orders were set to sell the GBP/USD.