On Thursday, at 14:00 GMT, the US ISM Manufacturing Purchasing Managers Index could cause a market adjustment.
The top event of the week is scheduled for Friday, at 12:30 GMT. At that time, the US Unemployment Rate, Non-farm Employment Change and the Average Hourly Earnings are set to be published.
GBP/USD short-term view
If the Pound declines against the US Dollar, the rate could look for support in the 1.1550 and 1.1500 levels. Further below, the weekly S3 simple pivot point at 1.1486 could stop a decline.However, a recovery of the currency exchange rate might face resistance in the 1.1650 level and the 50-hour simple moving average near 1.1680. Higher above, the 1.1715/1.1760 is expected to once again act as resistance. Note that the zone is set to be strengthened by the 100 and 200-hour simple moving averages. In the meantime, note that the pair has been ignoring the weekly S1 simple pivot point at 1.1669.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the previous support zone has been confirmed as resistance. It is possible that the rate eventually approaches the 2020 March low level at 1.1415.Daily chart
Read More: Technical Analysis
Traders remain long
On Wednesday, traders were bullish, as 70% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 52% to buy the GBP/USD.
On Tuesday, open positions were 64% long and pending orders were 59% to sell.
On Wednesday, traders were bullish, as 70% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 52% to buy the GBP/USD.
On Tuesday, open positions were 64% long and pending orders were 59% to sell.