At mid-day on Tuesday, the pair broke the resistance zone and surged above the 1.3250 mark and the weekly R1 simple pivot point at 1.3248. Moreover, the passed levels appeared to have started to act as support by 15:00 GMT. Economic Calendar
On Wednesday, the week's notable events will start at 07:00 GMT, as the UK Consumer Price Index is set to be published.
On Thursday, at 12:30 GMT, the US Durable Goods Orders, Core Durable Goods Orders and the weekly Unemployment Claims might cause minor moves on USD charts.
Week's notable events will end with the release of the US Manufacturing and Services PMIs at 13:45 GMT on Thursday.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
If the Pound continues to surge against the US Dollar, the rate might encounter resistance in the 1.3300 mark. Higher above, note the weekly R2 simple pivot point at 1.3351.Meanwhile, a potential decline of the currency exchange rate might find support in the 1.3110/1.3125 zone, before approaching the 50 and 100-hour simple moving averages near 1.3160 and 1.3170. Below the SMAs, note the 1.3195/1.3210 zone, which is strengthened by the 200-hour simple moving average and the weekly simple pivot point.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD has passed above the zone of the late 2021 low levels. The zone had acted as resistance during the previous week. If the pair extends its surge, it could aim at the 50 and 100-day simple moving averages at 1.3400.Daily chart
Read More: Technical Analysis
Traders are long
On Tuesday, traders were long, as 66% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 64% to sell the GBP against USD.
On Tuesday, traders were long, as 66% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 64% to sell the GBP against USD.