Since the early GMT trading hours of Friday, the GBP/USD has been fluctuating between the support of the 1.2700 level and the resistance of 1.2800.
On Monday morning, the currency exchange rate was testing the resistance of the weekly simple pivot point and the 1.2800 level.
Economic Calendar
The week will start with a long forgotten data release. The UK quarterly GDP is scheduled to be published on Wednesday at 06:00 GMT. The event has caused GBP/USD moves from 8.3 to 23.7 pips since June 2019. Due to the quite rare caused movement, this release was previously ignored.
Afterwards, at 12:15 GMT the ADP Non-Farm Employment Change data release could cause a move. For example, the GBP/USD has moved from 10.2 to 21.5 pips on the announcement.
On the same day, at 12:30 GMT the US are publishing GDP data. A GBP/USD move of 8.1 to 37.4 pips has occurred on the release. However, the 37.4 pip move was an anomaly caused by the coronavirus.
On Thursday, as always the US Unemployment Claims at 12:30 GMT might cause a minor move.
The week will end with a monthly data release. The US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate are scheduled for 12:30 GMT. GBP/USD has moved from 22.8 to 43.0 pips on the announcement.
Click on the link below to see the historical reaction tables.
GBP/USD short-term review
In the case of the rate passing the 1.2800 level's resistance, the pair would immediately find resistance at the 1.2835 level. At that level the 200-hour simple moving average and the monthly S2 simple pivot points were providing resistance.If these levels fail to hold, the rate could aim at the weekly R1 simple pivot point at 1.2923.
On the other hand, the rate could continue to trade in the previously described range and consolidate.
Hourly Chart
On the daily candle chart, the rate is located above the 100 and 200-day simple moving averages that are located at 1.2730.
Daily chart
Read More: Technical Analysis
Large proportion of sell orders
Since last Tuesday, 57% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Monday, some traders closed their long positions, as 55% of volume was long.
Meanwhile, in the 100-pip range around the rate the pending orders were 92% to sell the GBP/USD pair.
Previously, the orders were 77% to sell.
Since last Tuesday, 57% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Monday, some traders closed their long positions, as 55% of volume was long.
Meanwhile, in the 100-pip range around the rate the pending orders were 92% to sell the GBP/USD pair.
Previously, the orders were 77% to sell.