The top event of the week is scheduled for Friday, at 12:30 GMT. At that time, the US Unemployment Rate, Non-farm Employment Change and the Average Hourly Earnings are set to be published.
GBP/USD short-term view
In the case of a decline, the pair would once again look for support in the 1.1500 mark. Further below, the weekly S3 simple pivot point at 1.1486 might slow down a decline, before the rate reaches the 1.1450, 1.1400 and 1.1350 levels.However, a recovery of the GBP/USD is set to face resistance in the 50-hour simple moving average near 1.1580, the 1.1600 mark and the weekly simple pivot point at 1.1601. Higher above, note the 100-hour SMA near 1.1635, the 1.1650 level and the weekly S1 at 1.1669.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the previous support zone has been confirmed as resistance. It is possible that the rate eventually approaches the 2020 March low level at 1.1415.Daily chart
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Traders are still long
On Friday, traders were bullish, as 69% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 56% to sell the GBP/USD.
On Thursday, open positions were 70% long and pending orders were 56% to sell.
On Friday, traders were bullish, as 69% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 56% to sell the GBP/USD.
On Thursday, open positions were 70% long and pending orders were 56% to sell.