By the middle of Monday's trading hours, the rate had reached the resistance of the 1.3860 level, which was expected to be strengthened by the 200-hour simple moving average.
Economic Calendar
On Tuesday, the US ISM Services Purchasing Managers Index release at 14:00 GMT could cause a minor move on USD pairs. However, note that during most times the event does not cause an increase of volatility.
On Wednesday, at 18:00 GMT, the Federal Open Market Committee is set to publish its Meeting Minutes. Note that it will be just the meeting minutes for the previous meeting. There is no rate announcement or statement being published. Namely, the meeting minutes will have more detailed information about the previous decision of the Federal Reserve.
On Thursday, the US Unemployment Claims at 12:30 GMT could cause a minor move on USD pair and commodity price charts.
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
If the currency exchange rate passes the resistance of the 1.3860 level and the 200-hour SMA, it would have no technical resistance as high as the 1.3940 level, where the weekly R1 simple pivot point was located at. However, take into account that the 1.3900 mark could provide the rate with resistance.On the other hand, a potential decline would most likely find support first in the weekly simple pivot point at 1.3837. Afterwards, the 100-hour SMA could provide support near 1.3815. In addition, the 55-hour SMA at 1.3795 might keep the rate from falling further.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the currency exchange rate has passed the 1.3800 mark's support.In the near term future a decline to the support of the March and April low levels and the 200-day simple moving averages is expected.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Friday, traders were neutral, as 52% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Monday, the sentiment was 51% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 58% to sell.
On Friday, traders were neutral, as 52% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Monday, the sentiment was 51% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 58% to sell.