On Wednesday, the US ISM Services PMI at 14:00 GMT might impact the pair through the value of the US Dollar.
On Thursday, the top event for the GBP will occur. Namely, the Bank of England is set to make reveal its Monetary Policy Summary and the Official Bank Rate. The central bank is expected to hike by 0.50% from 1.25% up to 1.75%.
On Friday, one of the top events of the month will take place. At 12:30 GMT, the US employment data sets are scheduled to be released. The release will consist of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
GBP/USD short-term view
A continuation of the decline of the Pound against the US Dollar could find support in the 100-hour simple moving average near 1.2175, the 1.2150 mark and the weekly simple pivot point at 1.2127. Meanwhile, note the lower trend line of the channel up pattern, which is crossing the 1.2100/1.2200 range.On the other hand, a resumption of the surge of the GBP/USD might encounter resistance in the 1.2250 level, prior to once again testing the weekly R1 simple pivot point at 1.2293 and 1.2300.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has been breaking one resistance after another. Namely, the upper trend line of the first half of 2022 channel down pattern was broken. On Monday, August 1, the 50-day simple moving average was breached.In regards to the near term future, take into account that the 100-day simple moving average was strengthening the 1.2400 mark's resistance.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Tuesday, traders were neutral, 50% of trader open position volume on the Swiss Foreign Exchange was in long and short positions.
In the meantime, pending orders in a 100-base point range around the pair were 59% to buy the GBP/USD.
On Monday, 51% of positions were long and pending orders were 54% to buy.
On Tuesday, traders were neutral, 50% of trader open position volume on the Swiss Foreign Exchange was in long and short positions.
In the meantime, pending orders in a 100-base point range around the pair were 59% to buy the GBP/USD.
On Monday, 51% of positions were long and pending orders were 54% to buy.