On Wednesday, the US ADP Non-farm Employment Change number could impact the US Dollar's value at 12:15 GMT. However, more impact might be caused by the US Preliminary GDP publication at 12:30 GMT.
On Thursday, the US Core PCE Price Index should cause a USD move. Although, the head of the Federal Reserve Jerome Powell has already commented on the data during the Jackson Hole symposium. Due to this reason there might be no currency adjustment.
On Friday, the US monthly employment data will be released at 12:30 GMT. The release will consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
In addition, also on Friday, note the US Institute for Supply Management Manufacturing Purchasing Managers Index release at 14:00 GMT.
GBP/USD short-term view
A move below 1.2620 is set to immediately find support in the 50 and 100-hour simple moving averages near 1.2610. Further below, the 1.2600 mark is expected to act as support. Below these levels, take into account the recent low at 1.2563 and the 1.2550 level.On the other hand, a surge above 1.2650 could be slowed down by the 200-hour simple moving average near 1.2670. Higher above, the 1.2700 level and the weekly R1 simple pivot point at 1.2732 might act as resistance.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD pair is confirming the 1.2610/1.2670 range as resistance. The range acted as support throughout the first half of August.A continuation of the broader decline could result in the rate looking for support in the 1.2300/1.2450 range and the 200-day simple moving average.
Daily chart
Read More: Technical Analysis
Traders are bullish on GBP
On Wednesday, open GBP/USD positions by Swiss Foreign Exchange traders were 56% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 52% to buy.
On Tuesday, traders were 57% long and orders were 53% to sell.
On Wednesday, open GBP/USD positions by Swiss Foreign Exchange traders were 56% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 52% to buy.
On Tuesday, traders were 57% long and orders were 53% to sell.