On Monday, the GBP/USD traded below the 1.4200 mark, which provided resistance. In the meantime, support was being provided by the 100 and 200-hour simple moving averages near 1.4160.
Economic Calendar
There is one major notable event to watch this week. The US Employment data sets on Friday at 12:30 GMT are most likely going to impact the GBP/USD currency exchange rate.
Namely, the release of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate have caused GBP/USD moves from 22.0 to 76.4 pips since January.
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 case of the rate surging, it would once again test the resistance of the 1.4200 mark. A passing of this level would encounter resistance in the zone above the 1.4220 level.On the other hand, a failure of the 100 and 200-hour SMAs to provide support could result in a decline to the weekly S1 simple pivot point at 1.4119.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD remains in the borders of the channel up pattern, which has guided it since early April. The rate is testing the upper trend line of the pattern.In addition, note that the rate reversed its February surge just before reaching the 1.4250 level. Namely, the surge ended at the 1.4243 mark.
Daily chart
Read More: Technical Analysis
Traders set up buy orders
On Monday, traders were short, as 71% of trader open position volume on the Swiss Foreign Exchange was in short positions. Previously, the positions were 74% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 56% to buy.
On Monday, traders were short, as 71% of trader open position volume on the Swiss Foreign Exchange was in short positions. Previously, the positions were 74% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 56% to buy.