Thursday, July 21, 2016

GBP/USD ratio is showing slight movement

GBP/USD ratio is showing slight movement in short positions. Long and short positions are close to an even split, indicative of a lack of trader bias as to what direction GBP/USD will take.•GBP/USD was flat in the Asian session and has posted considerable losses in the European session
•1.3142 is providing support
•1.3219 was tested earlier in resistance and remains a weak line
Further levels in both directions:
•Below: 1.3142, 1.3064 and 1.2938
•Above: 1.3219, 1.3349, 1.3513 and 1.3675
•Current range: 1.3142 to 1.3219
The British pound has reversed directions on Thursday, posting slight losses. Early in the North American session, GBP/USD is trading at the 1.32 line. In economic news, British Retail Sales declined by 0.9%, missing expectations. Public Sector Net Borrowing improved to GBP 7.3 billion, beating the estimate. Over in the US, it’s a busy day. Unemployment Claims remained steady at 253 thousand, well below the forecast. The Philly Fed Manufacturing Index disappointed with a decline of 2.9 points. Later in the day, we’ll get a look at Existing Home Sales, with the indicator expected to soften to 5.48 million.