Economic data are back in the spotlight on Thursday, with reports from Europe and the United States scheduled to make headlines. Meanwhile, get more insight from the 16 November GBPUSD Fundamental Drivers Analysis.
16 November, OctaFX – The British pound was very volatile in general during the day on Wednesday, bouncing around the 131.70 level. Inflation data from the U.K was insignificantly stronger than anticipated. The British currency put in gains yesterday, however, its trading has seen its near-term range and is in intact.
There is significant support believably, extending from the 1.3050 level down to the 1.30 level and if given enough time, it will likely to go back and forth, presumably bouncing from both these levels. It is also reasonable to believe that the many headlines crossing the wires on daily basis about Theresa May struggling to keep her Brexit plans on course, would make the British pound continue to struggle to make significant gains on a longer-term basis.
16 November GBPUSD Fundamental Drivers Analysis
Cable has shifted into higher gear this week, with prices fast approaching 1.3200. GBP/USD was last seen trading at 1.3170, where it was little changed compared to the previous close. The technical picture shows immediate resistance near 1.1385, followed by the psychological 1.3200 barrier. On the opposite side of the spectrum, support is likely to be found at 1.13115, followed by 1.3075.
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