Economic Calendar
This week, the markets might move due to various publications. On Tuesday, at 14:00 GMT, the US Dollar could adjust to the publication of the US CB Consumer Confidence survey results.
On Thursday, the US Preliminary GDP data publication might move the markets. The market consensus is that the US GDP has increased by 2.8% in the last quarter.
On Friday, markets will adjust to the publication of the US Core Price Index publication at 12:30 GMT.
GBP/USD hourly chart analysis
In the near term future, the currency pair could look for support in the combination of the 50-hour simple moving average and the supporting trend line that connects the surge's higher low levels. If these levels fail, it is highly likely that support would be found in the weekly simple pivot point at 1.3123 and the 1.3120/1.3140 zone. Moreover, note that the range is being approached by the 100-hour simple moving average.Meanwhile, a potential resumption of the prior surge would have to break the 1.3220/1.3230 range, where the pair stopped after Powell's speech. Above this range, the pair could be slowed down by the resistance line that has guided the ongoing surge.
Hourly Chart
GBP/USD daily candle chart analysis
On the daily candle chart, the pair has broken the ascending channel pattern to the upside. Namely, the gains are more than it was expected to be possible.Moreover, the rate is above the 2023 high level. In general, the Pound gas not been this high against the USD since early 2022.
Read More: Technical Analysis
Traders hold onto short positions
On Monday, traders were shorting, as 74% of open position volume at Dukascopy was in short positions.
In the meantime, trader set up pending orders in the 100-pip range above and below the current rate were 56% to buy.
Last Wednesday, traders were 75% short. Meanwhile, pending orders were 68% to sell the GBP against the USD.
In the meantime, trader set up pending orders in the 100-pip range above and below the current rate were 56% to buy.
Last Wednesday, traders were 75% short. Meanwhile, pending orders were 68% to sell the GBP against the USD.