On Wednesday, the US ISM Services PMI is likely going to cause USD moves. The Monday's Manufacturing PMI caused a broad decline of the US Dollar.
Above all, on Friday, the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate are set to move the markets.
GBP/USD short-term view
A move of the currency pair above 1.1500 mark would face no technical resistance as high as the weekly R2 simple pivot point at 1.1812. Due to that reason it is more likely that the currency exchange rate encounters resistance in round levels.On the other hand, a retracement downwards might look for support in the 1.1350 level and the 50-hour simple moving average. Further below, take into account the 1.1250 and 1.1300 levels and the 100-hour simple moving average.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has reached above the resistance of the 2020 March low level. Meanwhile, the pair does have technical resistance above 1.1500. Namely, the 50-day simple moving average near 1.1610 is highly likely going to impact the rate.Higher above, note the July low and September high zone near 1.1800. In addition, the 100-day SMA is approaching the 1.1800 level.
Daily chart
Read More: Technical Analysis
Traders go short
On Wednesday, traders went short, as 56% 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 58% to sell the GBP/USD.
On Tuesday, open positions were 51% long and pending orders were 59% to sell.
On Wednesday, traders went short, as 56% 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 58% to sell the GBP/USD.
On Tuesday, open positions were 51% long and pending orders were 59% to sell.