During the upcoming week, noteworthy events start on Tuesday at 15:00 GMT, as at that time the US Institute for Supply Management Services sector Purchasing Managers Index is set to be released.
On Wednesday, at 13:15 GMT the US ADP Non-Farm Employment Change could impact the markets by revealing surprise information about the US job market. In addition, on the same day at 15:00 GMT, the JOLTS Job Opening data will show, how many jobs are open. The data indicates, how active the economy is.
Top event of the week is scheduled for Friday at 13:30 GMT. The United States employment data sets are going to impact the financial markets. The release consists of Average Hourly Earnings change, Non-Farm Employment Change and the Unemployment Rate.
GBP/USD hourly chart analysis
A move above 1.2650 could be slowed down by the 1.2660 and 1.2680 levels, before the pair tests the 1.2700 mark. Above 1.2700, take into account the weekly R1 simple pivot point at 1.2725.On the other hand, a decline of the Pound against the USD is set to look for support in the 1.2590/1.2610 range and the weekly S1 simple pivot point at 1.2595. Below these levels, the weekly S2 might slow down a decline at 1.2522, before the 1.2500 would be reached.
Hourly Chart
GBP/USD daily candle chart analysis
On the daily candle chart, the rate is above the 100 and 200-day simple moving averages. The pair appears to have been reversed by the 100-day SMA.In regards to resistance, the 50-day simple moving average is acting as resistance near 1.2680. This moving average acted as support during the second part of January.
Daily chart
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Traders are long
On Friday, traders were 58% long, as that proportion of all open positon volume on Swiss Foreign Exchange was in bullish positions.
Meanwhile, pending orders in the 100-pip range around the rate were 52% to buy.
Meanwhile, pending orders in the 100-pip range around the rate were 52% to buy.