Alex Bobrov
Yesterday’s trading session gave no opportunities for volatility buyers. The currency pair passed more than 100 pts and tested a significant option barrier (1.6449). The level of volatility was high throughout the session. In general, yesterday’s movement of GBPUSD can be called a smooth rally without any sharp moves.
Out of yesterday’s economic data the following news blocks should have been paid attention too: the UK’s price indexes and the USA’s housing market and manufacturing production data. It was these news blocks that influenced some currency markets, including GBPUSD. Germany and France’s GDP data turned out to be poor. The eurozone’s trade balance also came out worse than expected. All these factors keep pressing major market participants, which are not in a hurry to increase their trading volume, thus making the price enter the “green zone”.
Today’s major market drivers are the UK’s Jobless Claims Change and Claimant Count Rate as well as the USA’s PPI and Core PPI.
According to the Department of Options, , the key levels of support and resistance are 1.6232 and 1.6327.
Alex Bobrov
