On July 7, at 12:30 GMT, the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate will be released by the Bureau of Labor Statistics.
On July 12, watch out for the US Consumer Price Index release. The CPI and Core CPI are the main US indicators for inflation and subsequently impact the US future monetary policy and the US Dollar's value.
On July 13, the US Producer Price Index data will reveal how inflation is doing at the producer level. Usually, increases in producer prices result in an increase of prices at the consumer level, as the wholesalers just charge their buyers more.
On July 18, the US Retail Sales might impact the US Dollar by revealing surprise in how the US consumers are buying goods. In general, the number shows a change in retail sales in percentage. The change can be impacted by a different sales volume or price changes.
GBP/USD short-term view
A continuation of the surge in the pattern might be slowed down by weekly simple pivot point levels or round exchange rate levels. Eventually, the pair is set to test the resistance zone at 1.2840/1.2850, which marks the June high levels.On the other hand, a decline of the Pound against the US Dollar could look for support in the 50, 100 and 200-hour simple moving averages, which are located in the borders of the channel pattern. In addition, if the pattern would be broken to the downside, note the support zone at 1.2590/1.2600.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, as expected, the pair is finding support in the 1.2610/1.2670 range. This zone stopped the pair's recovery in May.Meanwhile, note the approaching 50 and 100-day simple moving averages. The 50-day SMA has been ignored during May and June. However, the 100-day SMA's support caused the most recent broader surge.
Daily chart
Read More: Technical Analysis
Watch changes in sentiment
The sentiment index table provides data on the current open position proportion on the Swiss Foreign Exchange. In general, one can mark changes in sentiment and see where the traders are moving into.
One can spot trends, changes in direction and oversold/overbought conditions.
The sentiment index table provides data on the current open position proportion on the Swiss Foreign Exchange. In general, one can mark changes in sentiment and see where the traders are moving into.
One can spot trends, changes in direction and oversold/overbought conditions.