On the GBP/USD charts it resulted in a breaking of the 1.2695/1.2710 range and the weekly R1 simple pivot point. Economic Calendar
On Wednesday, at 13:15 GMT the US ADP Non-Farm Employment Change could impact the markets by revealing surprise information about the US job market. In addition, on the same day at 15:00 GMT, the JOLTS Job Opening data will show, how many jobs are open. The data indicates, how active the economy is.
Top event of the week is scheduled for Friday at 13:30 GMT. The United States employment data sets are going to impact the financial markets. The release consists of Average Hourly Earnings change, Non-Farm Employment Change and the Unemployment Rate.
GBP/USD hourly chart analysis
The ongoing move above 1.2710 might encounter resistance in the weekly R2 simple pivot point at 1.2750 and the 1.2760/1.2775 range.However, if the rate declines, it is set to look for support in the 1.2695/1.2710 range and the weekly R1 at 1.2702. Below the range, the rate could look for support in the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point in the 1.2645/1.2660 range. Below these levels, the 1.2590/1.2610 range and the weekly S1 at 1.2602 are highly likely to act as support.
Hourly Chart
GBP/USD daily candle chart analysis
On the daily candle chart, the 50-day simple moving average has been broken. It no longer acts as resistance. Meanwhile, note that the 50 and 100-day simple moving averages could act as additional support.Daily chart
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Traders are short
On Tuesday, traders were 54% short, as that proportion of all open positon volume on Swiss Foreign Exchange was in bearish positions.
Meanwhile, pending orders in the 100-pip range around the rate were 59% to sell.
During Monday, traders were 52% short and orders were 51% to sell. Traders had taken profit.
Meanwhile, pending orders in the 100-pip range around the rate were 59% to sell.
During Monday, traders were 52% short and orders were 51% to sell. Traders had taken profit.