Thursday, September 8, 2016

GBP/USD is showing limited movement on Thursday

GBP/USD is showing limited movement on Thursday. Early in the North American session, the pair is trading at 1.3330. On the release front, it’s a quiet day. US unemployment claims dropped to 259 thousand, beating the estimate of 264 thousand. This reading marked the lowest level for jobless claims in seven weeks. There are no British released on the schedule. On Friday, the UK will release Goods Trade Balance.
•GBP/USD has shown limited movement in the Asian session. The pair has shown movement in European trade but is unchanged
•1.3327 was tested in support earlier and is under pressure
•1.3480 is a strong resistance line
Further levels in both directions:
•Below: 1.3327, 1.3219, 1.3142 and 1.3033
•Above: 1.3480, 1.3667 and 1.3835
•Current range: 1.3327 to 1.3480
GBP/USD ratio has shown movement towards long positions. Currently, short positions have a small majority (52%), indicative of slight trader bias towards GBP/USD reversing directions and losing ground.