On Friday, at 12:30 GMT, the Core PCE Price Index is bound to impact financial markets through the US Dollar.
Next week, watch for the US ISM Manufacturing PMI on Thursday at 14:00 GMT and the Friday's release of the US Unemployment data at 12:30 GMT.
GBP/USD short-term view
An extension of the recovery could face resistance in the weekly S1 simple pivot point at 1.2373 and the descending 100-hour simple moving average. Higher above, note the 1.2400 mark and the 200-hour simple moving average.On the other hand, a resumption of the ongoing broader decline is expected to look for support near the 1.2300 mark and the weekly S2 simple pivot point at 1.2304. Below these levels, the closest by technical support was the weekly S3 simple pivot point at 1.2218.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has approached the lower boundary of the 1.2300/1.2450 range and the 100-day simple moving average. These levels are expected to act as support.A recovery of the pair could face resistance in the 1.2400 mark, and the combination of the 50-day SMA and the 1.2450 level.
In the case of a move below 1.2300 and the 100-day SMA, note the support of the 1.2200 level. Below 1.2200, the 200-day SMA and the 1.2100 might stop a broader decline.
Daily chart
On Wednesday, traders were 62% bullish, as 62% 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 sell the GBP/USD.
On Thursday, positions were 63% long and orders were 60% to sell.
On Friday, 64% were long, but orders were 72% to sell.