Namely, the GBP/USD has not been this low for more than half a century. Economic Calendar
This week, there are two times to look at the economic event calendar.
On Tuesday, at 14:00 GMT, the CB Consumer Confidence index could impact the markets through the US Dollar. Namely, a good reading would indicate that US consumers continue to spend and inflation is set to continue to increase, which would require additional USD monetary tightening.
On Friday, at 12:30 GMT the Core Personal Consumption Expenditure Price Index is bound to make an impact, as the head of the Federal Reserve Jerome Powell revealed last week that he is watching this index as a measure for inflation not the Consumer Price Index.
GBP/USD short-term view
By the middle of Monday's European trading hours, the rate had recovered and was heading back to the 1.1000 level. Near the 1.1000 mark, the pair is expected to find resistance in the combination of the 50-hour simple moving average and the weekly simple pivot point.On the other hand, a resumption of the broad decline is expected to look for support in the weekly S1 simple pivot point at 1.0637, the 1.0600 mark and the weekly S2 at 1.0427, before the 1.0400 mark is reached.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the 2022 channel down pattern has been broken to the downside .Daily chart
Read More: Technical Analysis
Traders are long
On Monday, traders were bullish, as 68% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 60% to sell the GBP/USD.
On Monday, traders were bullish, as 68% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 60% to sell the GBP/USD.