On Tuesday, the rate had retreated to the support of the 1.3860 level, which provided support on June 22.
Economic Calendar
On Thursday, the US weekly Unemployment Claims at 12:30 GMT could cause a minor USD move. The rate has moved from 12.3 to 45.8 pips on the release since May 27.
Later on at 14:00 GMT, the ISM Manufacturing PMI is likely going to impact the value of the US Dollar. This event has caused 13.1 to 21.6 pips during the releases since February 1.
On Friday, at 12:30 GMT, all USD traded assets and currency pairs are bound to move due to the monthly US employment data. The data release will consist of US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
The GBP/USD has moved 22.0 to 76.4 pips on the release since February 2021.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
In the near term future, the pair was expected to fluctuate sideways until resistance approaches from above. Namely, the 55, 100 and 200-hour simple moving averages could push the pair down. However, the pair could trade sideways until it not only reaches the SMAs, but also the upper trend line of the channel down pattern.Meanwhile, a potential decline below the trend line could occur due to a fundamental event. In this case, the pair would have no support as low as the 1.3800 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD remains below the resistance of the 55 and 100-day simple moving averages and the 1.4000 mark.Daily chart
Read More: Technical Analysis
Traders remain short
On Monday, traders were short, as 58% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Tuesday morning, the sentiment was 57% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 74% to buy.
On Monday, traders were short, as 58% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Tuesday morning, the sentiment was 57% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 74% to buy.
The orders were to sell on Monday.