The GBP/USD currency exchange rate managed to pierce the resistance zone of the 1.4105/1.4110 zone. However, the pair immediately found resistance in the 1.4120 level.
In the meantime, on Monday, the currency rate was ignoring the 1.4100 mark, the 100-hour simple moving average and the weekly simple pivot point at 1.4091.
Economic Calendar
The UK CPI YoY is set to come out on Wednesday at 06:00 GMT. The GBP/USD currency exchange has moved on the release from 11.4 to 16.1 during the last five months.
Later on that day, the rate could move due to the FOMC Meeting Minutes at 18:00 GMT. The pair has moved from 5.1 to 10.2 pips on the release.
On Friday, the UK Retail Sales MoM will be released. The pair has moved due to the release from 7.4 to 20.6 since January.
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 pair breaks the resistance levels from 1.4105 to 1.4120, the GBP/USD could reach for the May high near 1.4160. Above it, resistance could be provided by the 1.4181 level, where the weekly R1 simple pivot point was located at.On the other hand, a potential decline would most likely look for support in the 55-hour SMA near 1.4070. Afterwards, the rate could look for support in the 200-hour simple moving average near 1.4035.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the 1.4000 exchange rate level provided the pair with support for the recent recovery.Daily chart
Read More: Technical Analysis
Traders are short
On Friday, traders were short, as 70% of trader open position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Monday, the sentiment was 69% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 60% to buy.
On Friday, traders were short, as 70% of trader open position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Monday, the sentiment was 69% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 60% to buy.