Starting from Tuesday up to the middle of Wednesday's trading, the resistance zone at 1.3550/1.3557 continued to hold, as the GBP/USD was making its third attempt at breaking it. Previous forecast scenarios remained unchanged.
Economic Calendar
The most notable event of the week will be the US and Canadian monthly employment data release on Friday at 13:30 GMT.
However, some might argue that the FOMC Meeting Minutes release on Wednesday at 19:00 GMT might cause a larger move. However, historical data of immediate reactions shows that it is not the case.
On Thursday, the official US Unemployment Claims at 13:30 GMT could create USD volatility. Later on, on the same day, the US ISM Non-Manufacturing Purchasing Managers Index is set to be published at 15:00 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
In the near term future, a move above the 1.3550 mark might aim at the weekly R1 simple pivot point at 1.3585. Afterwards, the 1.3600 mark could provide resistance, before the GBP/USD reaches the weekly R2 simple pivot point at 1.3647.Meanwhile, a potential decline is highly likely set to look for support in the 50 and 100-hour simple moving averages near 1.3500. Below the 1.3500 mark, the weekly simple pivot point at 1.3489 could stop a decline.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate remains in the borders of the large scale channel down pattern.Most recently, the rate started to fluctuate between the support of the 50-day simple moving average at 1.3439 and the resistance of the 100-day simple moving average near 1.3555.
Daily chart
Read More: Technical Analysis
Traders are short
On Tuesday, traders were bearish, as 58% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 84% to sell the GBP against USD.
On Wednesday, 59% of volume was short and pending orders were 80% to sell.
On Tuesday, traders were bearish, as 58% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 84% to sell the GBP against USD.
On Wednesday, 59% of volume was short and pending orders were 80% to sell.