The GBP/USD has traded almost sideways during this week. Namely, it has remained near the 1.2880 level.
In regards to the near term future, the rate is expected to be pushed down by the 55-hour SMA. Moreover, the move would be consistent with the newly discovered channel down pattern.
US ISM Non-Manufacturing PMI
The Institute for Supply Management (ISM) released the US ISM Non-Manufacturing PMI survey results, which came out better-than-expected of 54.7 compared with the forecast of 53.5.
Anthony Nieves, Chair of the ISM Non-Manufacturing Business Survey Committee commented: "According to the NMI, 13 non-manufacturing industries reported growth. The non-manufacturing sector had an uptick in growth after reflecting a pullback in September. The respondents continue to be concerned about tariffs, labor resources and the geopolitical climate."
Economic Calendar
Main attention this week will be set on the Bank of England rate announcement. The rate statement is scheduled for Thursday 12:00 GMT. The announcement has caused immediate moves on the GBP/USD from 18.6 to 43.5 pips since February.GBP/USD short-term review
Yesterday, the GBP/USD exchange rate traded sideways around the 1.2890 level. During today's morning, the rate was testing the upper boundary of the short-term descending channel at 1.2892.Hourly Chart