However, by mid-Monday, the markets had shrugged off the news and the USD was near previous levels. On the GBPUSD charts it resulted in a drop to 1.2280 and a follow up recovery. By mid-Monday the rate was heading back to the Friday's high at 1.2420. Economic Calendar
On Monday, the US ISM Manufacturing PMI release at 14:00 GMT could cause a move in the US Dollar.
On Wednesday, the US ADP Non-Farm Employment change at 12:15 GMT might impact the USD. Afterwards, at 14:00 GMT note the ISM Services PMI release.
Above all, on Friday, at 12:30 GMT, the United States will publish the Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
GBP/USD short-term view
A move above 1.2420 and the weekly R1 simple pivot point at 1.2428 could reach for the 1.2500 mark.On the other hand, a decline is expected to find support in the 50, 100 and 200-hour simple moving averages, the 1.2300 mark and the weekly simple pivot point at 1.2323.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair faces the resistance zone of the 2023 high levels at 1.2300/1.2450.Daily chart
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Traders are short on GBP/USD
On Friday, traders were 66% bearish, as 66% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 60% to sell the GBP/USD.
On Monday, traders were 68% short and orders were 67% to sell.
On Friday, traders were 66% bearish, as 66% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 60% to sell the GBP/USD.
On Monday, traders were 68% short and orders were 67% to sell.