Economic Calendar
This week, the market might move due to the combined release of the US CB Consumer Confidence and the JOLTS Job Openings on Tuesday, at 14:00 GMT.
On Wednesday, take into account the US ADP Non-farm Employment Change and Advance GDP numbers at 12:15 and 12:30 GMT.
A major event will take place on Thursday at 12:30 GMT, as the US Core PCE Price Index will reveal inflation at the consumer level.
The top event of the week will be the release of the US monthly employment data sets. The Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate are going to impact the markets via an adjustment of the US Dollar's value.
GBP/USD hourly chart analysis
In the case of a Pound's surge against the US Dollar, the rate would have to break the 1.3000 mark. Higher above, resistance might be found in the weekly R1 simple pivot point. However, it is more likely that the 1.3060/1.3070 range acts as resistance.A potential decline of the currency exchange rate is expected to look for support in the 1.2940 and 1.2900 levels. In addition, note the weekly S1 simple pivot point at 1.2891. Further below, the 1.2850 and 1.2800 levels are highly likely to provide support.
Hourly Chart
GBP/USD daily candle chart analysis
Prior analysis: "A move below these levels could result in the pair looking for support in the 1.2900 mark, before approaching the 1.2800 level and the 200-day simple moving average."In general, the pair has reached these levels. The 100-day SMA and the 1.3000 mark are acting as resistance.
Read More: Technical Analysis
Traders are long
On Monday, Dukascopy trader open position volume showed that 58% of trader open positions were long.
Meanwhile, pending orders 100-points around the rate were 51% to sell.
Meanwhile, pending orders 100-points around the rate were 51% to sell.