Watch out for the Wednesday's Federal Reserve's FOMC Meeting Minutes at 18:00 GMT.
On Thursday, the ADP Non-farm Employment Change might impact the markets through the value of the US Dollar.
On Friday, the United States are scheduled to release their monthly employment data at 12:30 GMT. Expect the data release to consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
GBP/USD short-term view
If the pair bounces off the resistance of the 1.1975/1995 zone, a potential decline would have to pass below the 1.1900 mark, before approaching the 1.1850 and 1.1800 levels.On the other hand, a surge above the resistance zone is highly likely set to almost immediately encounter resistance in the 1.2000 level mark. Higher above, note the approaching 50 and 100-hour simple moving averages, which have previously acted as minor resistance.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair shows that it has reached a new 2022 low level. The pair has no additional technical support on this chart as low as the 1.1600 mark, where the lower trend line of a channel down pattern is located at.Daily chart
Read More: Technical Analysis
Traders are long
On Tuesday, traders were long, 55% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 51% to buy the GBP/USD.
On Wednesday, open positions were 57% long and pending orders were 53% to sell.
On Tuesday, traders were long, 55% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 51% to buy the GBP/USD.
On Wednesday, open positions were 57% long and pending orders were 53% to sell.