During the week, it is all about the US Dollar associated fundamental data, surveys and central bank policy. Only exception is the Bank of England rate decision on Thursday.
On Tuesday, the release of the US ISM Manufacturing Purchasing Managers Index survey results and the JOLTS Job Openings could cause a move of the US Dollar.
On Wednesday, the top event of them all will take place. At 18:00 GMT, the US Federal Reserve is set to publish its Federal Funds Rate and FOMC Statement. The market currently expects a 0.75% hike. Deviations from the 0.75% forecast are bound to cause an adjustment of the US Dollar's value.
Afterwards, at 18:30 GMT, the Chairman of the Federal Reserve Jerome Powell will host a press conference.
On Thursday, the Bank of England is scheduled to also hike its interest rate at 12:00 GMT. The central bank is bound to react to and comment on recent political events in the United Kingdom.
On the same day at 14:00 GMT, the US ISM Services PMI is expected to impact the value of the US Dollar.
On Friday, more important data will be published. At 12:30 GMT, the US Unemployment Rate, Non-Farm Employment Change and Average Hourly Earnings are expected to cause US Dollar's moves.
GBP/USD short-term view
A continuation of the decline might find support in the 1.1500 mark and the 100-hour simple moving average. Further below, note the 1.1450, 1.1400 levels and the 200-hour simple moving average.If the Pound surges against the US Dollar, the pair could find resistance at 1.1600 and the 50-hour simple moving average, prior to reaching higher round levels.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the resistance of the 50-day SMA was broken. On Wednesday, the pair was approaching the 100-day SMA near 1.1650. On Thursday, the moving average acted as resistance.Daily chart
Read More: Technical Analysis
Traders are short
Before the fundamental event week, traders were bearish, as 65% 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 sell the GBP/USD.
Before the fundamental event week, traders were bearish, as 65% 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 sell the GBP/USD.