The weekly simple pivot point and the high level zone at 1.3364/1.3370 has provided the GBP/USD pair with enough resistance for the rate to decline. Namely, during the first half of Monday's trading hours, the currency rate passed below the 100-hour SMA at 1.3340 and the 50-hour simple moving average at 1.3326.
Economic Calendar
GBP/USD short-term review
In the case that the rate continues to decline, it could aim at the support of the 1.3300/1.3380 zone, which provided support on Thursday. Below the support zone, the pair might find support in the weekly S1 simple pivot point at 1.3264.However, a potential recovery of the pair might make another attempt at passing the resistance zone at 1.3364/1.3370. Above this zone, note the 1.3400 mark, which is strengthened by the 200-hour simple moving average.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has passed below the September low level. The pair has not been this low since December 2020.Daily chart
Read More: Technical Analysis
Traders are long
On Monday, traders were bullish, as 70% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 58% to buy the GBP against USD.
On Monday, traders were bullish, as 70% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 58% to buy the GBP against USD.