Economic Calendar
The US Presidential Election and the Congressional elections takes place on Tuesday. These events will guide the financial markets.
On Thursday, at12:00 GMT, the Bank of England will announce its monetary policy. Later on, at 19:00 GMT, watch the US Federal Reserve Federal Funds Rate announcement. Both central banks are expected to cut rates by 0.25%.
GBP/USD hourly chart analysis
It appears that the rate will wait for the election outcome near this level. Moreover, this week, we have the Bank of England and the US Federal Reserve making policy announcements on Thursday. Namely, this week will be all about the fundamentals, not technical analysis.After the fundamental events, watch round exchange rate levels, which are highly likely going to act as support and resistance.
Hourly Chart
GBP/USD daily candle chart analysis
On the daily candle chart, the rate is squeezed in between the 100 and 200-day simple moving averages. Note the 50-day simple moving average near 1.3100.Read More: Technical Analysis
Traders are neutral
On Monday, Dukascopy trader open position volume showed that 51% of trader open positions were long.
Meanwhile, pending orders 100-points around the rate were 57% to buy.
Meanwhile, pending orders 100-points around the rate were 57% to buy.