The GBP/USD exchange rate continued to extend gains actively.
During Friday morning hours, the rate was consolidating near the 1.3150 level.
Economic Calendar
The first week of August is going to be relatively busy on the economic calendar.
On Monday, the Institute for Supply Management is going to publish the US ISM Manufacturing PMI survey results at 14:00 GMT. Additionally, the US ISM Non-Manufacturing PMI survey results are set to be published on Wednesday at 14:00 GMT.
On Wednesday, the US ADP Non-Farm Employment Change data is set to be issued at 12:15 GMT.
On Thursday, it is likely that the markets could be affected by the BOE Monetary Policy Report, which will be released at 11:00 GMT. Later that day, the US Unemployment Claims data is going to be published at 12:30 GMT.
On Friday, the US Employment data set release could be in the spotlight. The release is scheduled to 12:30 GMT.
Click on the link below to find out more about the data releases.
GBP/USD short-term review
Yesterday, the GBP/USD exchange rate reached the 1.3100 level. During Friday morning, the rate was testing the 1.3150 level.It is likely that the currency pair could face the resistance formed by the weekly R3 at 1.3179. Thus, it is likely that some downside potential could prevail in the market.
In the meantime, it is likely that the exchange rate could gain support from the monthly R2 at 1.3051. Thus, it is likely that the rate could trade sideways in the nearest future.
Hourly Chart
On the daily candle chart, the rate broke the ascending channel north.
In the meantime, note that the rate could face the resistance formed by the monthly R2 at 1.3051.
Daily chart
Read More: Technical Analysis
Traders are short
On Friday, 66% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the orders were bearish, as 58% of pending orders were set to sell the GBP/USD.
On Friday, 66% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the orders were bearish, as 58% of pending orders were set to sell the GBP/USD.