Wednesday, August 24, 2016

GBP/USD was flat in the Asian session

•GBP/USD was flat in the Asian session. The pair has posted strong gains in European trade
•There is resistance at 1.3327
•1.3219 remains fluid. This line switched to a support role following gains by GBP/USD
Further levels in both directions:
•Below: 1.3219, 1.3142, 1.3064 and 1.2938
•Above: 1.3327, 1.3480 and 1.3533
•Current range: 1.3327 to 1.3533
GBP/USD ratio is unchanged, consistent with the lack of movement from GBP/USD. Currently, long positions have a slight majority (53%), indicative of trader bias towards GBP/USD continuing to move upwards.The British pound has edged above the 1.32 line on Wednesday, continuing the upward movement which has marked GBP/USD this week. The pair is currently trading at 1.3220. On the release front, British BBA Mortgage Approvals dropped to 37.5 thousand, short of expectations. In the US, today’s highlight is Existing Home Sales, with the indicator expected to dip to 5.52 million. On Thursday, the US releases two key events – Core Durable Goods report and Unemployment Claims.