Thursday, August 25, 2016

GBP/USD showed limited movement

•GBP/USD showed limited movement in the Asian session and posted small losses on EUR/USD. The pair is unchanged early in North American trade
•1.3142 is providing support
•1.3219 remains fluid. This line has switched to a resistance role following slight losses by GBP/USD
Further levels in both directions:
•Below: 1.3142, 1.3064 and 1.2938
•Above: 1.3219, 1.3327, 1.3480 and 1.3533
•Current range: 1.3142 to 1.3219
GBP/USD ratio has shown slight movement towards short positions. Currently, long and short positions are evenly split, indicative of a lack trader bias as to what direction GBP/USD will take next.
GBP/USD is trading quietly at the 1.32 line on Thursday, continuing the lack of movement which has characterized the pair all week. On the release front, British CBI Realized Sales posted a strong gain of plus -9, well above expectations. Over in the US, durable goods reports and unemployment claims beat their estimates. On Friday, the US releases Primary GDP and we’ll also hear from Federal Reserve chair Janet Yellen at the Jackson Hole conference.