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 potential bounces off from the 200-hour SMA and surge higher is expected to face resistance in the 1.2730 and 1.2740 levels. These levels have acted as resistance during this week. Higher above, note the weekly R1 simple pivot point at 1.2769.In the case of the 200-hour SMA failing to provide support the rate could find support in the weekly simple pivot point at 1.2680. Further below there is no technical support as low as the 1.2600 mark. The 1.2600 mark and the zone that surrounds it are being strengthened by the weekly S1 simple pivot point.
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 go short
On Thursday, traders were 54% bearish, as 54% 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 buy the GBP/USD.
On Wednesday, positions were 52% short and orders were 56% to buy.
On Thursday, traders were 54% bearish, as 54% 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 buy the GBP/USD.
On Wednesday, positions were 52% short and orders were 56% to buy.