GBP/USD technical analysis – latest trends and expectations?

On the economic agenda:

• Average hourly earnings (monthly) (December) are expected to be around 0.3%.
• The non-farm payrolls report (December) is expected to be around 66,000.
• The unemployment rate (December) is expected to be around 4.5%.

Based on the trend so far, the following scenarios are likely to occur in the upcoming trade:

• Negative scenario:
  In the event of further declines, a breakout and hold of 1.34012 may indicate that the supply side is under selling control in the short term and we may target lower levels around 1.32865.
• Casual scene:
  If the trend continues within the range of approximately 1.35268 – 1.34012, it is considered a sideways trend to express the uncertainty and balance between supply and demand forces.
• Positive scenario:
  A move higher and holding above 1.35700 could signal a return to purchasing control on the demand side and we could see further gains, possibly targeting higher levels around 1.37256.

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