However, on Monday morning, before reaching the 1.2300 level, the price retraced down to the combined support of the 50-hour simple moving average and the 1.2220 level. Afterwards, up to the middle of the day, the GBP/USD remained in the range between 1.2220 and 1.2300. Economic Calendar
On Tuesday, at 12:30 GMT, the US Retail Sales and Core Retail Sales data will be published. The data is set to reveal whether the US consumer had continued to make purchases in the market.
On Wednesday, at 06:00 GMT, the UK Consumer Price Index data will reveal how inflation had changed in the UK during April.
To see historical move tables click on the link below.
GBP/USD short-term review
A move below the 1.2220 mark is highly likely set to look for support in the previous week's low level zone at 1.2155/1.2165, before approaching the weekly S1 simple pivot point at 1.2141.On the other hand, a surge of the GBP against the US Dollar would have to pass above the 1.2300 level. Above 1.2300, take into account the approaching 200-hour simple moving average near 1.2325.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has passed below the 2020 July low level at 1.2260. Below this level, take into account the 2020 May low at 1.2075.Daily chart
Read More: Technical Analysis
Traders are mostly long
Since Thursday, traders were 71% bullish, as 71% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 60% to sell the GBP/USD.
Since Thursday, traders were 71% bullish, as 71% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 60% to sell the GBP/USD.