On Monday, the GBP/USD started the week with an extension of Friday's surge. Namely, the rate confirmed previous resistance near 1.3800 as support and resumed the surge that started just before mid-day on Friday.
Economic Calendar
On Wednesday, at 06:00 GMT, the UK Consumer Price Index is set to be published. It could cause GBP/USD moves from 6.2 to 11.6 pips.
On Friday morning, at 06:00 GMT, the UK Retail Sales could cause a move. The event has caused moves from 8.6 to 20.6 since November 2020.
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 was expected to continue to surge, as it had passed the resistance near 1.3900. Next target for a surge was the 1.3950 level and afterwards, the 1.3967 mark.On the other hand, the rate could consolidate by trading above the support of the 1.3900 mark.
Hourly Chart
On the daily candle chart, the rate's surge has broken the resistance of the 1.3800 mark, the 55-day simple moving average and the upper trend line of the last two month decline.
Daily chart
Read More: Technical Analysis
Traders go short
On Monday, traders were short, as 60% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Friday, 52% of volume was long.
Meanwhile, in the 100-pip range around the rate the pending orders were 87% to sell.
On Monday, traders were short, as 60% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Friday, 52% of volume was long.
Meanwhile, in the 100-pip range around the rate the pending orders were 87% to sell.