Meanwhile, from a technical perspective, on Monday, the rate was looking for support.
Economic Calendar
Relevant data publications for the GBP/USD will resume on Monday. At 15:00 GMT the US ISM Manufacturing PMI could cause a move on the GBP/USD from 16.2 to 28.9 pips.On some calendars, on Wednesday, the ADP Non-Farm Employment Change is shown as a high impact data set. Note that our analysts ignore it, as, for example, on the GBP/USD charts it has caused moves from 11.8 to 28.4 pips since September.
On the same day, the US ISM Non-Manufacturing PMI is scheduled to be released at 15:00 GMT. This event has caused GBP/USD moves from 20.6 to 37.8 pips.
Last but not least, US employment data sets are scheduled to be published on Friday at 13:30 GMT. GBP/USD moves from 21.7 to 51.3 pips have been caused by this event since September 2019.
The week's event historical data tables have been published. Click on the headline below to read the article.
Read More: 03.02.-07.02 Event Historical Reactions
GBP/USD short-term review
By the middle of Monday's GMT trading hours, the rate's decline had paused at the weekly S1 simple pivot point at 1.3053. In the meantime, the pair had respected the resistance of the 100-hour simple moving average. Due to that reason the pair had two short term scenarios.On one hand, if the pivot point is passed, the monthly S1 pivot point would be tested at 1.3021. On the other hand, the rate could attempt to break the resistance of the 100 and 200-hour simple moving averages at 1.3070 and 1.3082.
Hourly Chart
On the daily candle chart, the rate trades above the 55-day SMA at 1.3050.
In general, take into account how the SMA was being pierced and ignored by the rate since January 10. It appears that on its own, the 55-day SMA cannot impact the GBP/USD.
Daily chart
Read More: Technical Analysis
Swiss traders short GBP/USD
On Monday, 56% of open GBP/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader orders were neutral. In the 100-pip range, 51% of orders were to sell and 49% were buy orders.
The orders were 63% to sell on Friday.
Meanwhile, trader orders were neutral. In the 100-pip range, 51% of orders were to sell and 49% were buy orders.
The orders were 63% to sell on Friday.