The surge of the GBP/USD paused at the 1.4150 level during the second part of Monday's trading hours.
Since then, up to the middle of Tuesday's trading, the rate had been fluctuating sideways below the mentioned round exchange rate mark.
Economic Calendar
On Wednesday, the UK Preliminary GDP is set to be published at 06:00 GMT. This event has caused moves from 8.4 to 23.6 pips since February 2020. The November and February moves have been the lowest.
The rate could move due to the US CPI on Wednesday at 12:30 GMT. The pair has moved from 14.8 to 35.6 pips on the release.
On Friday, the US Retail Sales and Core Retail Sales at 12:30 GMT are bound to move the pair, as the release had moved the pair from 13.6 to 26.3 since December.
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
In the near term future, the rate could resume its surge due to the approaching support of the 55-hour simple moving average. A potential surge could aim at the weekly R3 simple pivot point. However, note that the rate is highly likely going to find resistance in the 1.4200 and 1.4250 levels.On the other hand, the rate has recently become highly overbought. Due to that reason a decline could occur. A decline would look for support in the weekly R1 at 1.4064 and the 55, 100 and 200-hour simple moving averages.
Hourly Chart
GBP/USD daily chart's review
Next target for the rate's surge is just below the 1.4250 level, where the February high level is located at.Daily chart
Read More: Technical Analysis
Short sentiment continues to grow
On Friday, traders were short, as 57% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Monday, the sentiment was 68% short. By the middle of Tuesday's trading, the sentiment was 71% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 54% to sell.
On Friday, traders were short, as 57% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Monday, the sentiment was 68% short. By the middle of Tuesday's trading, the sentiment was 71% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 54% to sell.