On Wednesday, the mentioned range still kept the pair down. Meanwhile, support was found in the combination of the 1.2700 mark and the 50 and 200-hour simple moving averages. Economic Calendar
This week, the top event will be the FOMC Meeting Minutes publication on Wednesday at 18:00 GMT. The Meeting Minutes will reveal additional details into the US monetary policy.
On Thursday, watch out for the ADP Non-Farm Employment Change at 12:15 GMT, the US Unemployment Claims at 12:30 GMT and the ISM Services PMI together with the JOLTS Job Openings at 14:00 GMT. These data sets will provide a first look at the US labour market situation, before the official data is released on Friday.
On Friday, at 12:30 GMT, the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate will be released by the Bureau of Labor Statistics.
GBP/USD short-term view
Another move above 1.2727 is expected to face resistance at 1.2740. Higher above, note the weekly R1 simple pivot point at 1.2769 and the 1.2800 mark.However, in the case of a decline below the 50 and 200-hur simple moving averages at 1.2700, the Pound might look for support against the US Dollar in the weekly simple pivot point and the 100-hour simple moving average at 1.2680. Further below, note that the 1.2660 level has acted as support.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, as expected, the pair is finding support in the 1.2610/1.2670 range. This zone stopped the pair's recovery in May.Meanwhile, note the approaching 50 and 100-day simple moving averages. The 50-day SMA has been ignored during May and June. However, the 100-day SMA's support caused the most recent broader surge.
Daily chart
Read More: Technical Analysis
Traders are almost neutral
On Monday, traders were 53% bearish, as 53% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.
On Wednesday, positions were 52% short and orders were 56% to buy.
On Monday, traders were 53% bearish, as 53% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.
On Wednesday, positions were 52% short and orders were 56% to buy.