On Monday, the GBP/USD currency exchange rate declined and touched the support of the 1.3000 level. This level provided support and kept the pair from reaching the lower trend line of a channel up pattern.
In the meantime, note that the 55-hour simple moving average was providing effective resistance to the currency pair.
Economic Calendar
On Tuesday, the US Durable Goods Orders and Core Durable Goods Orders will be released at 12:30 GMT. This event has caused moves on the GBP/USD from 11.2 to 21.9 base points.
On Thursday, at 12:30 GMT two events will be released that the financial media will talk about. However, recently both of them have not caused notable moves.
The GDP has moved the GBP/USD from 9.8 to 26.8 pips since July 2019. Meanwhile, the Unemployment Claims since September 24 have caused 10.0 to 22.3 pips moves
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
The GBP/USD exchange rate continued to trade downwards within the medium-term ascending channel.From a theoretical point of view, it is likely that the currency pair could re-test the lower channel line circa 1.2960 in the short term. If the given channel holds, the pair could reverse north and target the 1.3100 mark.
However, if the predetermined trend does not hold, it is likely that the exchange rate could target the support level formed by the weekly S1 at the 1.2911 level.
Hourly Chart
On the daily candle chart, on Friday, a channel up pattern was added. It represents the rate's mid-September and October surge.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Monday, 52% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Friday, 53% of volume was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 55% to buy the GBP/USD pair.
On Monday, 52% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Friday, 53% of volume was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 55% to buy the GBP/USD pair.