Economic Calendar
On Tuesday, the CB Consumer Confidence index might impact the markets via an adjustment of the US Dollar's value at 14:00 GMT.
On Thursday, the markets might react to the publication of the US Final GDP data release. However, the Final release is the one with the less impact of the three US GDP releases.
On Friday, at 12:30 GMT, the US Core PCE Price Index is set to reveal how the consumer goods prices are doing in the USA. The markets expect an increase of 0.2%.
GBP/USD hourly chart analysis
A continuation of the ongoing surge is set to be slowed down by the upper trend line of the channel up pattern. Afterwards, the rate will face the weekly R1 simple pivot point and the 1.3400 mark. Higher above, note the 1.3450 level, the weekly R2 simple pivot point at 1.3481 and the 1.3500 mark.In the case of a decline of the Pound against the US Dollar, the currency pair is expected to look for support in the 1.3300 mark and the 50-hour simple moving average. Further below, note the lower trend line of the channel pattern. If the trend line and with it, the pattern, are broken, the pair will look for support in the weekly simple pivot point at 1.3258 and the 100-hour simple moving average.
Hourly Chart
GBP/USD daily candle chart analysis
Prior analysis: "On the daily candle chart, the rate has broken the resistance of the August high levels. The broken range could turn into support."By late Monday's trading, the zone had turned into support.
Read More: Technical Analysis
Traders remain short
On Monday, trader open position volume showed that 74% of trader open positions were short.
Meanwhile, pending orders 100-points around the rate were 56% to sell.
On Thursday, traders were 73% short, but pending orders were 71% to buy.
Meanwhile, pending orders 100-points around the rate were 56% to sell.
On Thursday, traders were 73% short, but pending orders were 71% to buy.