This week, on Tuesday the release of the US CB Consumer Confidence and JOLTS Job Openings data at 14:00 GMT might impact the financial markets through the value of the US Dollar.
On Thursday, at 14:00 GMT, the US ISM Manufacturing Purchasing Managers Index could cause a market adjustment.
The top event of the week is scheduled for Friday, at 12:30 GMT. At that time, the US Unemployment Rate, Non-farm Employment Change and the Average Hourly Earnings are set to be published.
GBP/USD short-term view
A decline of the Pound against the US Dollar could be slowed down by the 1.1700 mark and the weekly S1 simple pivot point at 1.1669. Afterwards, the rate is highly likely going to find support in the 1.1650 level. Further below, take into account the 1.1600 mark and the weekly S2 simple pivot point at 1.1601.However, a passing of the 1.1715/1.1760 zone and the 50 and 100-hour simple moving averages might result in a move up to the 1.1800 level and the 200-hour SMA. In the meantime, note that the weekly simple pivot point at 1.1785 could act as resistance.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate appears to be trading between two zones since mid-June. The pair is respecting resistance of the 1.2270/1.2330 zone. Meanwhile, support was found in July in the 1.1760/1.1805 zone, which marks the 2022 low levels.On August 23, the support zone was pierced, which signalled that new low levels could be reached. On August 29, the pair clearly traded below the previous support. In the near term future, the zone might turn into resistance.
Daily chart
Read More: Technical Analysis
Traders remain long
On Monday, traders were bullish, as 65% 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 52% to sell the GBP/USD.
On Tuesday, open positions were 64% long and pending orders were 59% to sell.
On Monday, traders were bullish, as 65% 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 52% to sell the GBP/USD.
On Tuesday, open positions were 64% long and pending orders were 59% to sell.