By the middle of the day's trading, the rate had broken the resistance of the weekly simple pivot point, the 50, 100 and 200-hour simple moving averages and the trend line, which connected recent high levels. Economic Calendar
During the week, almost all attention will be paid to the US Federal Reserve Federal Open Market Committee Meeting Minutes on Wednesday at 19:00 GMT.
The meeting minutes are a protocol of the central bank's committee, which decides US and, subsequently, global monetary policy. The document is set to reveal, what the committee talked about and detailed information about their future plans.
On Thursday, a minor USD move might be created by the publication of the weekly US Unemployment Claims data at 13:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
If the Pound continues to recover against the US Dollar, the currency exchange rate might aim at the weekly R1 simple pivot point at 1.3175 and the last week's high level zone at 1.3175/1.3183. Higher above, the 1.3200 mark is expected to act as resistance.Meanwhile, a decline of the pair could look for support in the technical levels that are spread out from 1.3113 up to 1.3125, before approaching the 1.3100 mark and the low level zone at 1.3052/1.3071.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD has passed below the support zone at 1.3160/1.3210. Meanwhile, note the March low level at 1.3000.Daily chart
Read More: Technical Analysis
Long sentiment decreases
On Monday, traders were long, as 60% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 52% to buy the GBP/USD.
On Tuesday, the open positions were 57% long. Meanwhile, in the 100-pip range around the rate the pending orders were 51% to sell the GBP against USD.
On Monday, traders were long, as 60% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 52% to buy the GBP/USD.
On Tuesday, the open positions were 57% long. Meanwhile, in the 100-pip range around the rate the pending orders were 51% to sell the GBP against USD.