Economic Calendar
On Thursday, at 12:15 GMT, the ADP Non-farm Employment Change might cause a move.
However, the top employment data publication of them all will happen on Friday. At 12:30 GMT, the US official monthly employment data sets will be published.
GBP/USD hourly chart analysis
A bounce off from the resistance is set to result in the rate looking for support in the 50 and 100-hour simple moving averages and the 1.3120/1.3130 zone. Further below, the 1.3100 mark might act as support, before the pair reaches the weekly S1 simple pivot point at 1.3066.In the meantime, a potential breaking of the 1.3175/1.3180 range might result in the pair approaching the 1.3220/1.3230 zone and the weekly R1 simple pivot point. Higher above, note the high levels near 1.3260.
Hourly Chart
GBP/USD daily candle chart analysis
On the daily candle chart, the pair has broken the ascending channel pattern to the upside. Namely, the gains are more than it was expected to be possible. Moreover, the rate is above the 2023 high level. In general, the Pound has not been this high against the USD since early 2022.However, the recent decline appears to be a consolidation of prior gains, as the surge had overextended itself.
Read More: Technical Analysis
Traders remain short
On Monday, trader open position volume showed that 70% of trader open positions were short. Meanwhile, pending orders 100-points around the rate were 55% to buy.
On Thursday, traders were 71% short, but pending orders were 56% to buy.
On Thursday, traders were 71% short, but pending orders were 56% to buy.