The GBP/USD currency exchange rate was recovering on Monday, as the pair found support in the December low level zone at 1.3162/1.3175. By the middle of Monday's trading, the rate had reached the resistance of the 200-hour simple moving average at 1.3240.
Economic Calendar
On Wednesday, at 13:30 GMT, the US Dollar might react to the publication of the US Final GDP. Although, the only release for more than a year, which caused a noteworthy move was the latest one, September 30 2021.
On Thursday, at 13:30 GMT the US Durable Goods Orders and Core Durable Goods orders data will be published. However, during the prior months the data release has not caused increases of volatility.
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 GBP/USD continues to surge, it might find resistance at the 1.3265 level, where the weekly simple pivot point was located together with the 100-hour simple moving average. Above these levels, at 1.3280 the 50-hour simple moving average might stop a surge.Meanwhile, a decline of the rate would most likely once again look for support in the December low level zone at 1.3162/1.3175, before aiming at the weekly S1 simple pivot point at 1.3155.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate remains in the borders of the large scale channel down pattern. Note the lower trend line of the pattern near 1.3150. Most recently, the currency pair bounced off the trend line.Daily chart
Read More: Technical Analysis
Long sentiment decreases
On Monday, traders were bullish, as 64% 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 56% to buy the GBP against USD.
On Friday, the positions were 67% long and the pending orders were 65% to buy.
On Monday, traders were bullish, as 64% 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 56% to buy the GBP against USD.
On Friday, the positions were 67% long and the pending orders were 65% to buy.