This week, there is only one notable scheduled event, which could impact the US Dollar and the financial markets. On Thursday, a minor move could occur due to the Philadelphia Federal Reserve Manufacturing Index release at 12:30 GMT.
However, GBP pairs might react to the publication of the UK Consumer Price Inflation on Wednesday at 06:00 GMT.
GBP/USD short-term view
A surge of the Pound against the US Dollar is expected to encounter resistance in the 1.1300 and 1.1350 levels, and the last week's high level zone above it. Higher, note the weekly R1 simple pivot point at 1.1398 and the 1.1400 mark.Meanwhile, a decline of the currency pair would look for support in the 1.1250 and 1.1200 levels. Further below, note the 100 and 200-hour simple moving averages and the weekly simple pivot point near 1.1160.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the 50-day simple moving average near 1.1500 is highly likely going to impact the rate. It could act as additional resistance, as it reaches lower.Daily chart
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Traders are short
On Friday, traders were bearish, as 58% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to buy the GBP/USD.
On Monday, the positions were 58% short and orders were 60% to sell.
On Friday, traders were bearish, as 58% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to buy the GBP/USD.
On Monday, the positions were 58% short and orders were 60% to sell.