The GBP/USD pair has reached the 1.3200 level, which provided resistance.
On Monday, the currency exchange rate traded near the 1.3100 level, where it had retreated as a part of a consolidation, which was caused by the previous sharp surge.
Economic Calendar
During the week, there will be couple events that could affect the GBP/USD rate.
On Wednesday, March 11, the British GDP and Manufacturing Production data will be released at 9:30 GMT. The vent has caused moves from 11.9 to 23.6 pips since October. The largest move of 23.6 pips occurred in February.
At the same day, the US CPI and Core CPI will be published at 12:30 GMT. This event has caused moves from 8.2 to 19.4 pips.
Meanwhile, the week's data is available. Click on the link below to see the historical data tables with the reactions to various events.
Read More: 09.03-13.03 Event Historical Reactions
GBP/USD short-term review
On Friday, the GBP/USD exchange rate went up to the 1.3100 level. During today's morning, the rate touched the Fibo 50.00% at 1.3196.The currency pair could remain under pressure of the weekly R1 at 1.3157 and trade downwards in the short run. In this case it is unlikely that the pair could decline below Fibo 38.20% at 1.2918.
On the other hand, the British Pound could consolidate against the US Dollar in the 1.3120 area within the following trading session. It is unlikely that bulls could prevail, and the rate could exceed the weekly R2 at 1.3262.
Hourly Chart
On the daily candle chart, the rate has passed the resistance of the 55 and 100-day simple moving averages, which provided resistance near 1.3000 level.
In the meantime, by connecting the February and December low levels and setting the parallel line at the December 16 high level, once can observe a channel down pattern. The pattern's resistance line is strengthening the resistance of the 1.3200 level. Daily chart
Read More: Technical Analysis
Traders are neutral
On Friday 52% of open GBP/USD position volume on the Swiss Foreign Exchange was in long positions.
By the middle of Monday's London trading hours, the sentiment was balanced. 50% of volume was in long and short positions.
By the middle of Monday's London trading hours, the sentiment was balanced. 50% of volume was in long and short positions.