Economic Calendar
Next week, on Monday, the US ISM Manufacturing PMI could cause a move. The GBP/USD has moved 11.5 to 21.6 pips on the release since March 1.
On Wednesday, at 14:00 GMT, the US ISM Non-Manufacturing PMIs is set to be released. The GBP/USD has moved 8.9 to 18.2 pips on the release.
On Thursday, the top event for the GBP is scheduled. At 11:00 GMT, the Bank of England will announce its Asset Purchase Facility, Monetary Policy Report, MPC Asset Purchase Facility Votes, Monetary Policy Summary and the Official Bank Rate. Namely, everything associated with the supply side of the Pound will be revealed by the central bank.
The GBP/USD has moved from 23.6 to 71.8 base points immediately after the BoE announcements since the December 2020 publication.
The week will end with the Friday's release of the US employment data at 12:30 GMT. The event consists of the release of the US Average Hourly Earnings, US Non-farm Employment Change and US Unemployment Rate.
The rate has moved from 20.2 to 75.1 pips on the announcement.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
Given that a breakout had occurred, the exchange rate is likely to continue to decline during the following trading session. The possible target for sellers will be near the 200– hour SMA at 1.3816.On the other hand, the GBP/USD currency exchange rate could reverse from the weekly pivot point at 1.3876 and target the resistance level at 1.4015 within this session.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the exchange rate has passed the resistance of the 1.3900 mark together with the 100-day simple moving average.Since last week, the exchange rate was finding resistance in the 55-day simple moving average.
Daily chart
Read More: Technical Analysis
Short sentiment remains
On Friday, traders were 62% bearish on the Swiss Foreign Exchange.
On Monday, the market sentiment was 63% bearish.
Meanwhile, in the 100-pip range around the rate, the pending orders were 52% to sell.
On Friday, traders were 62% bearish on the Swiss Foreign Exchange.
On Monday, the market sentiment was 63% bearish.
Meanwhile, in the 100-pip range around the rate, the pending orders were 52% to sell.