The GBP/USD exchange rate remains above the psychological level at 1.1500. Also, the rate failed to surpass the 100-hour SMA.
During Monday morning, the rate was trading below the 55-hour SMA. The given moving average could push the rate down.
Economic Calendar
This week, there are couple of events that could affect the GBP/USD rate.
On Wednesday, March 25, the UK CPI data will be published at 9:30 GMT.
At the same day, the US Durable Goods Orders data will be released at 12:30 GMT.
On Thursday, March 26, the UK Retail Sales will be published at 9:30 GMT.
The week will end with the US Final GDP data release on Thursday at 12:30 GMT.
Meanwhile, this week's data is available. Click on the link below to see the historical data tables with the reactions to various events.
GBP/USD short-term review
At the end of last week, the GBP/USD exchange rate tried to surpass the 100-hour SMA near 1.1900. During Monday morning, the rate was trading near 1.1600.Given that the currency pair is pressured by the 55-hour SMA near 1.1630, it is likely that some downside potential could occur. In this case the pair could decline below the 1.1400 level.
However, if the exchange rate fails to surpass the 1.1500 level, it is likely that the British Pound could consolidate against the US Dollar in the short run. Also, it is unlikely that bulls could prevail, and the rate could exceed the weekly PP at 1.1838.
Hourly Chart
On the daily candle chart, it can be seen that the GBP/USD rate is far below the moving averages. This could mean that the rate is in the oversold area.
Daily chart
Read More: Technical Analysis
Traders go long
On Monday, 65% of open GBP/USD position volume on the Swiss Foreign Exchange was in long positions.