On Thursday, at 14:00 GMT, the US ISM Manufacturing Purchasing Managers Index could cause a market adjustment.
The top event of the week is scheduled for Friday, at 12:30 GMT. At that time, the US Unemployment Rate, Non-farm Employment Change and the Average Hourly Earnings are set to be published.
GBP/USD short-term view
A decline of the GBP/USD currency pair might look for support in the 1.1500 mark. Further below, take into account the weekly S3 simple pivot point at 1.1486. The third pivot point might work as the second one. However, the rate ignored the weekly S1 at 1.1669.Meanwhile, a potential recovery of the Pound against the US Dollar is highly likely going to encounter resistance in the 1.1600 mark and the weekly S2 simple pivot point. Higher above, note the 50-hour simple moving average near 1.1635 and the 1.1650 level.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the previous support zone has been confirmed as resistance. It is possible that the rate eventually approaches the 2020 March low level at 1.1415.Daily chart
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Traders remain long
On Wednesday, traders were bullish, as 70% 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 Thursday, open positions were 70% long and pending orders were 56% to sell.
On Wednesday, traders were bullish, as 70% 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 Thursday, open positions were 70% long and pending orders were 56% to sell.