In the meantime, note that the pattern's upper trend line was being strengthened by the resistance of the 200-hour simple moving average.
Economic Calendar
This week note the US ISM Manufacturing PMI on Thursday at 14:00 GMT.
On Friday, the US Employment data sets are bound to impact the value of the USD at 12:30 GMT.
GBP/USD short-term review
If the pattern's resistance holds on Monday, the rate would decline to the support of the weekly simple pivot point at 1.3892. In the case of the pivot point being passed, the GBP/USD would have no support, except the lower trend line of the channel down pattern.On the other hand, a breaking of the resistance of the pattern could result in the pair once again testing the 1.4000 mark. Note that the 1.4000 mark was being strengthened by the resistance of the weekly R1 simple pivot point at 1.3997.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD remains below the resistance of the 55 and 100-day simple moving averages and the 1.4000 mark.Daily chart
Read More: Technical Analysis
Traders remain short
On Monday, traders were short, as 58% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 62% to sell.
On Monday, traders were short, as 58% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 62% to sell.