On Monday morning, the GBP/USD currency exchange rate was testing the resistance of the August high level and the 1.3780 mark. In the meantime, the most close by technical support levels were located near the 1.3735 level.
Economic Calendar
This week, the GBP/USD could be impacted by the release of the US ISM Manufacturing Purchasing Managers Index release on Wednesday at 14:00 GMT.
The top day for fundamental event watchers will be Friday. On Friday, at 12:30 GMT the US will release the country's monthly employment data. Later on, at 14:00 GMT, the US ISM Services Purchasing Managers Index is set to be out.
Most impact is expected from the US employment data release. The release will consist of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
GBP/USD short-term review
If the pair passes the resistance of the August high levels and the 1.3780 level, the 1.3800 could provide resistance. Above the 1.3800 mark, the weekly R1 simple pivot point at 1.3826 could keep the rate down.A potential decline of the Pound against the US Dollar would most likely look for support in the 55 and 100-hour simple moving averages near 1.3735. Below these two levels, the currency exchange rate might find additional support in the 1.3720 level, where the weekly simple pivot point is located at.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the support of the 1.3600 mark has once again worked. The rate has recovered after finding support in the round exchange rate level.Meanwhile, note that the pair's recovery could find resistance in the 55, 100 and 200-day simple moving averages in the 1.3800/1.3920 zone.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Monday, traders were neutral, as 52% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Friday, the long sentiment increased to 54% long.
Meanwhile, in the 100-pip range around the rate the pending orders were 61% to sell.
On Monday, traders were neutral, as 52% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Friday, the long sentiment increased to 54% long.
Meanwhile, in the 100-pip range around the rate the pending orders were 61% to sell.