As expected, yesterday’s news background failed to increase the volatility of GBPUSD. The British Pound was gradually losing its ground. The currency pair passed more than 200pts down and broke below 1.5999 but rebounded from 1.5911. The expected volatility remained high.
At the moment GBPUSD is moving between the 2 mentioned levels - 1.5999 and 1.5911. Today’s news background is not rich in major economic reports. However the UK and Germany’s manufacturing production is worth paying attention to. This week’s major events will take place on Thursday and Friday. Barack Obama is going to speak on economic stimulation. His speech may well have a mid-term impact on financial markets.
According to the Department of Options, , the main levels of support and resistance are the option barriers located at 1.5911 and 1.6232.
