The GBP/USD exchange rate continued to trade within the medium-term ascending channel.
During today's morning, the rate touched the 1.2360 level.
Economic Calendar
Traditionally, the first week of the month is busy on the economic calendar.
On Monday, June 1, the Institute for Supply Management will release the US ISM Manufacturing PMI survey results at 14:00 GMT.
On Wednesday, June 3, two macroeconomic events from the US are expected: the ADP Non-Farm Employment Change at 12:15 GMT and the ISM Non-manufacturing PMI at 14:00 GMT.
The week will end with the US Employment data set release on Friday 12:30 GMT.
GBP/USD short-term review
Yesterday, the GBP/USD exchange rate tried to surpass the 1.2340 level. During Friday morning, the rate was testing the support formed by the 55-hour SMA, the weekly R1 and the monthly S1 in the 1.2290 area.If the given support holds, it is likely that a reversal north could occur in the nearest future. Note that the nearest support, formed by the weekly R2 and the Fibo 50.00%, is located in the 1.2400 area.
However, if the currency pair fails to exceed the 1.2340 level, it is likely that the British Pound could consolidate against the US Dollar within the following trading session.
Hourly Chart
On the daily candle chart, it can be spotted that the rate surpassed the resistance formed by the 55-day simple moving average and the monthly S1 at 1.2292.
Note that the rate could face the resistance formed by the 100- and 200-day moving averages in the 1.2600 area.
Daily chart
Read More: Technical Analysis
Traders remain long
On Friday, the sentiment on the Swiss Foreign Exchange was 57% long.