Edward Culchenko
The currency pair is moving in a range (1.6232 - 1.6074). Yesterday after rebounding from the option barrier 1.5999, GBPUSD gained 75pts. The level of volatility was high mainly due to the US and UK news blocks. The amount of new loans in Great Britain gained 1 basis point. The US home sales also helped the currency pair to get more volatile. Greece remains the main market driver: the Greek parliament is trying to decide on austerity budget. The EU leaders are working on plan “B” needed to solve the problem if the Greek authorities reject the reforms and consequently do not get the required financial aid from the EU and IMF.
Thursday is expected to be rich in significant news reports, including the US unemployment data, the eurozone’s consumer prices and spending and the UK’s consumer confidence index (CCI).
The main levels of support and resistance are 1.5911 and 1.6232.
Provided by the Department of Options,
Edward Culchenko
