During today's morning, the GBP/USD exchange rate reached the psychological level at 1.3000.
Given that the rate is supported by the 55- and 100-hour moving averages, it is likely that some upside potential could prevail.
Economic Calendar
This week there is only one event that could affect the GBP/USD pair.
On Thursday, October 24, the US Durable Goods data will be released at 12:30 GMT.
Take a look at the published historical data tables by clicking on the link below.
Read More: 14.10-18.10 Event Historical Reactions
GBP/USD short-term review
During previous trading session, the GBP/USD exchange rate failed to surpass the psychological level at 1.3000. During Monday morning, the rate was trading at the given level.It is likely that some upside potential could prevail in the market, as the currency pair has been trading within the ascending short-term channel since last Tuesday. A possible upside target is the 1.3050/1.3100 area.
On the other hand, the British Pound could trade sideways against the Greenback at the given psychological level. Also, it is unlikely that a breakout south could occur due to the support provided by the 55-hour SMA.
Hourly Chart
On the daily candle chart, the exchange rate surpassed the resistance provided by the 200-day moving average.
The rate faced the resistance level formed by the monthly R2 at 1.2904. The given moving average could now provide support, thus, the rate could continue to extend gains.
Daily chart
Read More: Technical Analysis
Traders go short
On Monday, 68% of open GBP/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader orders were strongly bearish. In the 100-pip range, 82% of orders were to sell and 18% were to buy.
Meanwhile, trader orders were strongly bearish. In the 100-pip range, 82% of orders were to sell and 18% were to buy.