On Wednesday, watch out for the ADP Non-Farm Employment Change at 12:15 GMT and the US ISM Services PMI at 14:00 GMT.
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 continuation of the ongoing decline could look for support in the lower trend line of the channel down pattern and the weekly S2 simple pivot point at 1.2031.In the case of a GBP recovery against the USD, the rate would have to break the resistance of the 1.2100 mark and the weekly S1 simple pivot point at 1.2112. Higher above, take into account the 50 and 100-hour simple moving averages near 1.2140 and 1.2160.
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
Read More: Technical Analysis
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 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.