On Monday, the GBP/USD moved above the 1.4050 mark, as the rate appeared to be pushed up by the support of the hourly simple moving averages.
A potential target for the pair's surge was the weekly R1 simple pivot point, which was located at the 1.4092 mark.
Economic Calendar
This week, the US Preliminary GDP will be published on Thursday at 13:30 GMT. The rate has moved from 11.5 to 16.8 pips.
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
It is likely that the currency pair could gain support from the 55– and 100-hour SMAs, as well the weekly PP in the 1.3940/1.3980 area. Thus, the pair could extend gains in the short run.Note that the exchange rate could face the resistance level formed by the weekly R1 at 1.4092. If the given level holds, the rate could reverse south. Otherwise, the pair could reach 1.4120/1.4140.
Hourly Chart
On the daily candle chart, the pair has broken the upper trend line of the channel up pattern, which had guided it since the start of September. It signals that additional gains are possible.
Meanwhile, note that the rate could eventually test the resistance of the 2018 high level at 1.4377.
Daily chart
Read More: Technical Analysis
Traders close short positions
On Friday, 75% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Monday, 71% of volume was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 53% to buy the GBP/USD pair.
On Friday, 75% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Monday, 71% of volume was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 53% to buy the GBP/USD pair.