On Thursday, the Bank of England is set to announce its base interest rate for the Pound. The publication is scheduled for 12:00 GMT. The follow up press conference is set for 12:30 GMT.
On Friday, watch the US employment data release at 12:30 GMT. The release will consist of the US Average Hourly Earnings monthly change, Non-Farm Employment Change number and the official Unemployment Rate. This event could cause a notable US Dollar move.
In regards to next week, it appears that there are no pre-scheduled notable fundamental events that could impact the financial markets.
GBP/USD short-term view
A move above 1.2200 is expected to face resistance in the 1.2210/1.2225 range. Higher above, the weekly R1 simple pivot point could slow down a surge at 1.2248. Afterwards, note the late October high level at 1.2285/1.2290.However, a decline below the weekly simple pivot point at 1.2159 is set to result in the pair looking for support in the 1.2100 mark. Below the 1.2100 level, there is the October low level support zone at 1.2035/1.2050.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD pierced the upper trend line of the channel down pattern. However, the combination of the 1.2300/1.2450 range and the 50-day simple moving average was enough to keep the rate down.Meanwhile, support is found in the 1.2035/1.2085 zone.
Daily chart
Read More: Technical Analysis
Traders are mostly long
On Thursday, open GBP/USD positions by Swiss Foreign Exchange traders were 66% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 50% to buy and sell.
On Thursday, open GBP/USD positions by Swiss Foreign Exchange traders were 66% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 50% to buy and sell.