By the middle of the day's trading, the pair appeared to have recovered to the combined resistance of the 50-hour simple moving average at 1.3070 and the 1.3080 mark.
Economic Calendar
The top events of the next week will be the US Federal Reserve Statement and the Bank of England's release of Monetary Policy Statement. However, take into account that inflation and retail sales data might cause notable moves.
On Tuesday, at 12:30 GMT, the US Producer Price Index data will be out. Expect minor moves on USD charts.
On Wednesday, at 12:30 GMT, the US Retail Sales and Core Retail Sales data might cause USD moves.
The top event of the quarter is scheduled for 18:00 GMT. At that time, the US Federal Reserve will releases its FOMC Statement and FOMC Economic Projections and the Federal Funds Rate.
The Bank of England is set to reveal its monetary policy on Thursday at 12:00 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
If the pair resumes its decline, the Pound is expected to look for support at 1.3010 and 1.3000 mark. Below the 1.3000 mark, the weekly S1 simple pivot point at 1.2970 might act as support.However, a recovery of the pair is set to face strong resistance. There is resistance zone at 1.3082/1.3102, the 50-hour SMA near 1.3070, the weekly simple pivot point at 1.3100 and the 100-hour simple moving average near 1.3105. In addition, the 1.3100 is expected to act as resistance on its own.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has passed the support levels of the 2021 low levels. Below the support zone, there is no close by technical support as low as the lower trend line of a large scale channel down pattern near 1.2950.Daily chart
Read More: Technical Analysis
Traders are long
On Monday, traders were long, as 70% 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 53% to buy the GBP against USD.
On Monday, traders were long, as 70% 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 53% to buy the GBP against USD.