This week, the top event will be the FOMC Meeting Minutes publication on Wednesday at 18:00 GMT. The Meeting Minutes will reveal additional details into the US monetary policy.
On Thursday, watch out for the ADP Non-Farm Employment Change at 12:15 GMT, the US Unemployment Claims at 12:30 GMT and the ISM Services PMI together with the JOLTS Job Openings at 14:00 GMT. These data sets will provide a first look at the US labour market situation, before the official data is released on Friday.
On Friday, at 12:30 GMT, the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate will be released by the Bureau of Labor Statistics.
GBP/USD short-term view
A move above 1.2720 resistance range could be slowed down by the 1.2760 level or the weekly R1 simple pivot point at 1.2769, before the pair reaches 1.2800.On the other hand, a decline of the Pound against the US Dollar would have to pass below the 1.2660 level and the 50-hour simple moving average. Further below note the support range at 1.2590/1.2610 and the weekly S1 simple pivot point at 1.2601.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, as expected, the pair is finding support in the 1.2610/1.2670 range. This zone stopped the pair's recovery in May.Meanwhile, note the approaching 50 and 100-day simple moving averages. The 50-day SMA has been ignored during May and June. However, the 100-day SMA's support caused the most recent broader surge.
Daily chart
Read More: Technical Analysis
Traders are almost neutral
On Monday, traders were 53% bearish, as 53% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.
On Monday, traders were 53% bearish, as 53% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to sell the GBP/USD.