By the middle of Tuesday's London trading hours, the GBP/USD had continued to trade above the 1.2740 level.
In the meantime, the rate had been approached by the resistance of the 55-hour simple moving average, which began to push the pair down.
US ISM Manufacturing PMI
The Institute for Supply Management (ISM) released the US ISM Manufacturing PMI survey results, which came out worse-than-expected of 50.1 compared with the forecast of 50.5.
Timothy R. Fiore, the Chair of the Institute for the ISM Manufacturing Business Survey Committee commented: "Global supply chains are impacting most, if not all, of the manufacturing industry sectors. Among the six big industry sectors, Food, Beverage & Tobacco Products remains the strongest, followed by Computer & Electronic Products. Petroleum & Coal Products is the weakest. Overall, sentiment this month is marginally positive regarding near-term growth."
Economic Calendar
Some might consider watching the ADP Non-Farm Employment Change on Wednesday at 13:15 GMT. This event has mostly caused moves from 11.8 to 20.0 base points.
On Wednesday, at 15:00 GMT the US ISM Non-Manufacturing PMI is set to be published. Last year, this event caused moves from 23.6 to 37.8 pips. This year, there were two moves of 11.9 and 20.6 pips.
On Friday, the US employment data will be released at 13:30 GMT. The event has caused moves from 16.2 to 51.3 pips since October.
This event consists of three data sets – the Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings.
Meanwhile, the week's data is available. Click on the link below to see the historical data tables with the reactions to various events.
GBP/USD short-term review
Yesterday, the GBP/USD exchange rate tried to decline below 1.2750. During Tuesday morning, the rate was testing the given level.Note that the currency pair is pressured by the 55-hour SMA near 1.2800. Thus, some downside potential could prevail in the market. A possible downside target is the weekly S1 at 1.2692.
However, if the 1.2750 level holds, it is likely that the British Pound could continue to consolidate against the Greenback in the short term. If bulls prevail in the market, the rate could re-test the resistance formed by the 100-hour SMA and the weekly PP at 1.2856.
Hourly Chart
On the daily candle chart, the rate has close by the support of the 200-day simple moving average, which was strengthening the weekly S1 pivot point near 1.2700.
Daily chart
Meanwhile, trader orders were to sell. In the 100-pip range, 55% of orders were to sell and 45% were buy orders.