This Friday, all attention will be on the US Core PCE Price Index release on Friday at 12:30 GMT.
Next week, the US ISM Manufacturing PMI could impact the markets via the US Dollar at 14:00 GMT.
On Tuesday, the US JOLTS Job Opening might cause a USD move at 14:00 GMT.
On Wednesday, watch out for the ADP Non-Farm Employment Change at 12:15 GMT and the US ISM Services PMI at 14:00 GMT.
On Thursday, minor action is expected from the US Unemployment Claims.
On Friday, the top event of the week will take place. The United States will publish the monthly employment data at 12:30 GMT. The release will consist of the Average Hourly Earnings, Non-farm Employment Change and the Unemployment Rate.
GBP/USD short-term view
A move above the 200-hour simple moving average would result in the currency pair testing the resistance of the upper trend line of the channel down pattern. If the pattern is broken, the rate should approach the combination of the weekly simple pivot point and the 1.2300 mark.However, a decline of the Pound against the Greenback is expected to look for support in the 50 and 100-hour simple moving averages and the weekly S1 simple pivot point at 1.2170. Below this level, take into account the weekly S2 simple pivot point and the 1.2100 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD pair has found support in the lower trend line of the channel down pattern and started a consolidating recovery. Resistance could be encountered in the 1.2300/1.2450 zone.Daily chart
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Traders close long positions
On Friday, open GBP/USD positions by Swiss Foreign Exchange traders were 57% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 51% to sell.
On Thursday, the open positions were 67% long and pending orders were 59% short. Long positions appear to have been closed.
On Friday, open GBP/USD positions by Swiss Foreign Exchange traders were 57% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 51% to sell.
On Thursday, the open positions were 67% long and pending orders were 59% short. Long positions appear to have been closed.