The GBP/USD exchange rate failed to exceed the 1.3150 level.
It is likely that the rate could gain support from the 100-hour SMA and the weekly PP at 1.3013 and trade sideways in the short run.
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
At the end of last week, the GBP/USD exchange rate failed to exceed the 1.3150. During today's morning, the rate was testing the 55-hour SMA near 1.3080.If the given moving average holds, it is likely that some upside potential could prevail in the market. In this case the currency pair could re-test the 2020 high at 1.3213.
Otherwise, it is likely that some downside potential could prevail in the market, and the pair could target the 1.2950 level. Meanwhile, note that the rate could gain support from the weekly PP and the 100-hour SMA at 1.3013.
Hourly Chart
On the daily candle chart, the rate reversed south from the psychological level at 1.3100.
In the meantime, it is likely that the rate is in the overbought area, as it is trading far above the 55-, 100- and 200-day moving averages.
Daily chart
Read More: Technical Analysis
Traders are short
Since 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 bullish, as 81% of pending orders were set to buy the GBP/USD.
Since 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 bullish, as 81% of pending orders were set to buy the GBP/USD.