Yesterday the currency pair easily overcame the important option level located at 1.6327 and was hampered by the level of 1.6449. The US macroeconomic data favored the rally and made the US Dollar decline in value. The amount of the initial jobless claims in the US grew by 10K. The GDP declined by 0.4%. The volatility level of GBPUSD was above the average.
Today’s news background can be considered as neutral. There are no significant news releases that could cause volatility spikes. Moreover, taking into account the end of the trading week, it is not recommended to buy volatility. All these factors indicate a favorable moment for closing the previously opened trades (profit taking).
Provided by the Department of Options,
