On Wednesday, the US ADP Non-farm Employment Change number could impact the US Dollar's value at 12:15 GMT. However, more impact might be caused by the US Preliminary GDP publication at 12:30 GMT.
On Thursday, the US Core PCE Price Index should cause a USD move. Although, the head of the Federal Reserve Jerome Powell has already commented on the data during the Jackson Hole symposium. Due to this reason there might be no currency adjustment.
On Friday, the US monthly employment data will be released at 12:30 GMT. The release will consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
In addition, also on Friday, note the US Institute for Supply Management Manufacturing Purchasing Managers Index release at 14:00 GMT.
GBP/USD short-term view
A move below 1.2565 might be stopped by the 1.2550 or 1.2500 levels. Below the round levels, the weekly S1 simple pivot point could act as support at 1.2480. Note that round levels were mostly impacting the rate during June, when the 1.2550, 1.2500, 1.2450 and 1.2400 were acting as support and resistance.In the case of a recovery of the pair, the rate is expected to face the combined resistance of the 1.2600 mark and the 50-hour simple moving average. Higher above, note the 1.2620 level and the 100-hour simple moving average.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD pair is confirming the 1.2610/1.2670 range as resistance. The range acted as support throughout the first half of August.A continuation of the broader decline could result in the rate looking for support in the 1.2300/1.2450 range and the 200-day simple moving average.
Daily chart
Read More: Technical Analysis
Traders are bullish on GBP
On Monday, open GBP/USD positions by Swiss Foreign Exchange traders were 55% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 59% to sell.
On Tuesday, traders were 57% long and orders were 53% to sell.
On Monday, open GBP/USD positions by Swiss Foreign Exchange traders were 55% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 59% to sell.
On Tuesday, traders were 57% long and orders were 53% to sell.