- The Swiss market is 57% bullish
- Pending orders in the 100-pip range are 52% set to sell
- UK data will be published only on Friday
The GBP/USD has started the week's trading with a gap upwards. Although, the rate remained near the 1.3000 mark by the middle of the London session.
Latest Fundamental Event
The British Pound appreciated against the US Dollar, following the UK BOE Official Bank Rate data release on Thursday at 12:00 GMT. The GBP/USD exchange currency rate gained 29 pips or 0.22% during a minute, right after the release. The British Pound continued trading at the 1.2910 area.
The Bank of England released Bank of England Official Bank Rate data that came out in line with expectations of 0.75%. The Votes and Monetary Policy Summary together with the MPC Official Bank Rate data release came out today at 12:00 GMT, in which all votes were in favour to hold the rate unchanged.
Mark Carney, the Bank of England Governor said: "Business is taking a very cautious approach right now because we're at the point of, if not maximum uncertainty, close to maximum uncertainty, and there's not that much time left until there will be clarity so waiting a bit of time is understandable."
Almost empty week for data releases
All of this week's events, which are worth mentioning, are described below
On Tuesday, the US Congressional Elections are taking place. They will impact all of the financial markets through the US Dollar.
On Wednesday, some traders will speculate on the publication of the weekly Crude Oil Inventories at 15:30 GMT. The event will be covered on a live webinar by Dukascopy Analytics.
In addition, on the same day the New Zealand's central bank will announce their Official Cash Rate at 20:00 GMT
On Thursday, the US Federal Reserve's Federal Open Markets Committee will publish their statement and announce the Federal Funds Rate at 19:00 GMT. The event will also be covered on a live webinar by Dukascopy Analytics.
On Friday, at 09:30 GMT the UK GDP and Manufacturing Production data sets will be published. Afterwards, at 13:30 GMT US Producers Price Index will be out. Both events will be covered by Dukascopy Analytics.
GBP/USD short term review
In regards to the near-term future, the British Pound will keep moving sideways to stay at the 1.3000 level. The 55-hour simple moving average will support the British Pound during the trading session on Monday.On the other side, the British Pound could trade downside towards the monthly pivot point at the 1.2901 mark after today's UK Services PMI data release at 9:30 GMT.
Hourly Chart
On the daily chart the GBP/USD is squeezed in between the 55-day simple moving average at 1.3012 and the 100-day simple moving average at 1.3042.
In addition, note that somewhere around the 1.3050 mark the upper trend line of a large scale descending channel might be confirmed.
Daily chart
Meanwhile, the pending orders to sell in the 100-pip range are gone. Trader set up orders were neutral on Monday.