On June 1, watch the US ISM Manufacturing Purchasing Managers Index release at 14:00 GMT.
On June 2, the United States are scheduled to publish the monthly employment data sets. At 12:30 GMT, the Bureau of Labour Statistics will release the Average Hourly Earnings, Non-farm Employment Change and Unemployment Rate numbers.
On Monday, June 5, the US ISM Services PMI is set to be published and impact the markets though the USD value.
GBP/USD short-term view
An extension of the ongoing decline might look for support near the 1.2300 mark or one of the weekly simple pivot points. The rate has found support and resistance not exactly in the 1.2300 mark, but in a wider range around it. Meanwhile, further below, the 1.2200 mark has been an exact resistance and support. Namely, the pair bounces off the 1.2200 level.However, in the case of a surge of the Pound against the US Dollar could encounter resistance in this year's various high levels near 1.2475, 1.2500 and 1.2550.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has approached the lower boundary of the 1.2300/1.2450 range and the 100-day simple moving average. These levels are expected to act as support.A recovery of the pair could face resistance in the 1.2400 mark, and the combination of the 50-day SMA and the 1.2450 level.
In the case of a move below 1.2300 and the 100-day SMA, note the support of the 1.2200 level. Below 1.2200, the 200-day SMA and the 1.2100 might stop a broader decline.
Daily chart
Read More: Technical Analysis
Traders are long
On June 31, traders were 60% bullish, as 60% 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 50% to buy and to sell the GBP/USD.
On June 31, traders were 60% bullish, as 60% 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 50% to buy and to sell the GBP/USD.