Thursday, September 15, 2016

Despite the Poor US Data the GBP Is under Pressure

Despite the fact that the data about the unemployment claims in the US was only a little worse than the one last month the GBP came under pressure.

The GBP/USD pair attempted to continue moving south, although the attempt wasn’t very convincing. Today the GBP/USD pair dropped with 91 pips and at the moment it’s at 1.3195, 1.3175 – 1.3195 is a strong support zone.

If the GBP succeeds in breaking below the support we will probably witness a new drop towards 1.3100 and after that another one towards 1.3050.

In the alternate scenario the pair will rise towards 1.3270 and then towards 1.3350.

Whichever of the scenarios the market ends up favouring the higher levels will give us a good opportunity to open short positions, in my opinion.