Economic Calendar
On Wednesday, at 14:00 GMT, the US ISM Non-Manufacturing PMIs is set to be released. The GBP/USD has moved 8.9 to 18.2 pips on the release.
On Thursday, the top event for the GBP is scheduled. At 11:00 GMT, the Bank of England will announce its Asset Purchase Facility, Monetary Policy Report, MPC Asset Purchase Facility Votes, Monetary Policy Summary and the Official Bank Rate. Namely, everything associated with the supply side of the Pound will be revealed by the central bank.
The GBP/USD has moved from 23.6 to 71.8 base points immediately after the BoE announcements since the December 2020 publication.
The week will end with the Friday's release of the US employment data at 12:30 GMT. The event consists of the release of the US Average Hourly Earnings, US Non-farm Employment Change and US Unemployment Rate.
The rate has moved from 20.2 to 75.1 pips on the announcement.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern and could be set for a breakout.If the breakout occurs, a decline towards the 1.3820 area could be expected today.
However, if the channel pattern holds, buyers could drive the GBP/USD currency exchange rate higher during the following trading session.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the exchange rate has passed the resistance of the 1.3900 mark together with the 100-day simple moving average.Since last week, the exchange rate was finding resistance in the 55-day simple moving average.
Daily chart
Read More: Technical Analysis
Short sentiment remains
On Monday, traders were 63% short on the Swiss Foreign Exchange.
On Tuesday, the market sentiment was 64% bearish.
Meanwhile, in the 100-pip range around the rate, the pending orders were 50% to sell.
On Monday, traders were 63% short on the Swiss Foreign Exchange.
On Tuesday, the market sentiment was 64% bearish.
Meanwhile, in the 100-pip range around the rate, the pending orders were 50% to sell.