On Thursday, minor action is expected from the US Unemployment Claims.
On Friday, the top event of the week will take place. The United States will publish the monthly employment data at 12:30 GMT. The release will consist of the Average Hourly Earnings, Non-farm Employment Change and the Unemployment Rate.
GBP/USD short-term view
A move above 1.2170 could face the combined resistance of the weekly simple pivot point, the 1.2200 mark and the upper trend line of the channel down pattern. A move above these levels might face resistance in the 1.2220 level that has acted as resistance last week.On the other hand, a potential decline of the Pound against the US Dollar is set to look for support first in the 100-hour SMA near 1.2150. Below the moving average, take into account the weekly S1 simple pivot point at 1.2112 and the 50-hour simple moving average near 1.2100.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD pair continues to decline in the borders of the channel down pattern. The lower trend line of the pattern is slowing down the ongoing descent.Daily chart
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Traders are long
On Tuesday, open GBP/USD positions by Swiss Foreign Exchange traders were 64% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 71% to sell.
On Wednesday, traders were 62% long and orders were 56% to sell.
On Tuesday, open GBP/USD positions by Swiss Foreign Exchange traders were 64% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 71% to sell.
On Wednesday, traders were 62% long and orders were 56% to sell.