Economic Calendar
Next week, notable events start on Tuesday. At 14:00 GMT, the ISM Manufacturing PMI data is set to be published and might impact the US Dollar.
On Wednesday, at 14:00 GMT, the US JOLTS Job Openings could impact the market via an adjustment of the value of the US Dollar.
On Thursday, at 12:15 GMT, the ADP Non-farm Employment Change might cause a move.
However, the top employment data publication of them all will happen on Friday. At 12:30 GMT, the US official monthly employment data sets will be published.
GBP/USD hourly chart analysis
A recovery of the rate would have to pass above the 200-hour simple moving average, before approaching the 1.3180 level's resistance, combined with the 50-hour SMA. Above these levels, the upper trend line of the channel is expected to reverse a potential recovery.In the meantime, a decline of the pair would have to pass the 1.3120/1.3130 support range and the lower trend line of the channel pattern. It could be the case that the rate consolidates, before moving below the support zone, but still in the borders of the pattern.
Hourly Chart
GBP/USD daily candle chart analysis
On the daily candle chart, the pair has broken the ascending channel pattern to the upside. Namely, the gains are more than it was expected to be possible.Moreover, the rate is above the 2023 high level. In general, the Pound has not been this high against the USD since early 2022.
However, the recent decline appears to be a consolidation of prior gains, as the surge had overextended itself.
Read More: Technical Analysis
Traders are in short positions
On Thursday, 74% of traders were short and orders were 61% to buy.
On Friday, traders were still 74% short, but pending orders were already 64% to buy.
On Friday, traders were still 74% short, but pending orders were already 64% to buy.