Since the middle of Friday's GMT trading hours, the GBP/USD currency exchange rate has reached above the 1.4100 level, as it had gained more than 1.50%.
Economic Calendar
On Wednesday, the UK Preliminary GDP is set to be published at 06:00 GMT. This event has caused moves from 8.4 to 23.6 pips since February 2020. The November and February moves have been the lowest.
The rate could move due to the US CPI on Wednesday at 12:30 GMT. The pair has moved from 14.8 to 35.6 pips on the release.
On Friday, the US Retail Sales and Core Retail Sales at 12:30 GMT are bound to move the pair, as the release had moved the pair from 13.6 to 26.3 since December.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
In the near term future, the pair's surge was expected to reach for the resistance of the weekly R2 simple pivot point at 1.4138. If the pair passes this resistance level, GBP/USD could reach for the 1.4200 mark and afterwards the weekly R3 simple pivot point at 1.4269.On the other hand, the rate could consolidate its gains by trading sideways or declining. A potential decline would look for support in the weekly R1 simple pivot point at 1.4064.
Hourly Chart
GBP/USD daily chart's review
Next target for the rate's surge is just below the 1.4250 level, where the February high level is located at.Daily chart
Read More: Technical Analysis
Short sentiment grows
On Friday, traders were short, as 57% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Monday, the sentiment was 68% short,
Meanwhile, in the 100-pip range around the rate the pending orders were 86% to sell.
On Friday, traders were short, as 57% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Monday, the sentiment was 68% short,
Meanwhile, in the 100-pip range around the rate the pending orders were 86% to sell.