The decline of the GBP/USD recovered after reaching the 1.3600 level. By the middle of Monday's European trading hours, the currency exchange rate had recovered to the 1.3660 level.
In addition, analysts have spotted a new channel down pattern on the pair's hourly candle chart.
Economic Calendar
On Wednesday, US Durable Goods Orders release at 12:30 GMT could cause an adjustment in the value of the US Dollar. All the pairs that involve the USD are bound to move.
On Thursday, the US Preliminary GDP could cause a notable reaction in the markets.
GBP/USD short-term review
If the rate passes the resistance of the channel down pattern, the GBP/USD could aim at the resistance of the weekly simple pivot point at 1.3704 and the 100-hour simple moving average near 1.3700.Meanwhile, a resumed decline in the borders of the descending channel pattern could once again look for support in the 1.3600 mark before reaching for the weekly S1 simple pivot point at 1.3529.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD exchange rate has reached the support of the 1.3600 level. The 1.3600 mark provided the pair with support in July.Daily chart
Read More: Technical Analysis
Traders are long
Since Friday, traders were long, as 58% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 65% to buy.
Since Friday, traders were long, as 58% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 65% to buy.