This week, on Tuesday the release of the US CB Consumer Confidence and JOLTS Job Openings data at 14:00 GMT might impact the financial markets through the value of the US Dollar.
On Thursday, at 14:00 GMT, the US ISM Manufacturing Purchasing Managers Index could cause a market adjustment.
The top event of the week is scheduled for Friday, at 12:30 GMT. At that time, the US Unemployment Rate, Non-farm Employment Change and the Average Hourly Earnings are set to be published.
GBP/USD short-term view
An extension of the decline of the Pound against the US Dollar might look for support in the weekly S2 simple pivot point at 1.1601 and the 1.1600 mark. Further below, note the 1.1550 and 1.1500 levels.However, a recovery of the British currency versus the Greenback might face resistance in the 1.1700 level and the last week's low level zone at 1.1715/1.1760. Higher above, note the 50 and 100-hour simple moving averages near 1.1780 and the weekly simple pivot point at 1.1785.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate appears to be trading between two zones since mid-June. The pair is respecting resistance of the 1.2270/1.2330 zone. Meanwhile, support was found in July in the 1.1760/1.1805 zone, which marks the 2022 low levels.On August 23, the support zone was pierced, which signalled that new low levels could be reached. On August 29, the pair clearly traded below the previous support. In the near term future, the zone might turn into resistance.
Daily chart
Read More: Technical Analysis
Traders remain long
On Monday, traders were bullish, as 65% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 52% to sell the GBP/USD.
On Monday, traders were bullish, as 65% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 52% to sell the GBP/USD.