In the aftermath of the Bank of England rate hike, the GBP/USD has declined. On Monday, the currency pair reached below the 1.3500 mark and touched the 200-hour simple moving average near 1.3490. Meanwhile, resistance was being provided by the 100-hour simple moving average near 1.3550.
Economic Calendar
On Thursday, the publication of the US Consumer Price Index and US Core Consumer Price Index data at 13:30 GMT is set to impact the value of the US Dollar. Note that at the same time, the weekly US Unemployment Claims will be published.
On Friday, February 11, at 07:00 GMT, the UK Preliminary quarterly Gross Domestic Product data will be published. A GBP move on all Pound charts can be expected.
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 passes below the 1.3500 mark and the 200-hour simple moving average, the rate would have no technical support as low as the weekly S1 simple pivot point at 1.3406. However, take into account that the 1.3450 and 1.3400 levels could act as support.On the other hand, a surge of the Pound against the US Dollar would have to pass the 50 and 100-hour simple moving averages near 1.3550, before aiming at the February high level zone at 1.3616/1.3628.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate appears to be ignoring technical levels, as the 50 and 100-day simple moving averages did not manage to impact the currency exchange rate for more than one trading session. Namely, the two SMAs had acted as resistance.Next target for the surge of the pair is the 200-day simple moving average, which reversed the rate's surge in mid-January.
Daily chart
Read More: Technical Analysis
Traders are short
On Monday, traders were mostly bearish, as 62% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 66% to buy the GBP against USD.
On Monday, traders were mostly bearish, as 62% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 66% to buy the GBP against USD.