GBP/USD TECHNICAL OUTLOOK : 09.09.2016

GBP/USD TECHNICAL OUTLOOK : 09.09.2016

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GBP/USD. Pair after opening at 1.3335 made a high of 1.3375 , and saw some profit booking from the higher levels after a strong run up from the past weeks, the pair is likely to consolidate near the 50DMA at 1.3315 and any close below that will trigger reversal for short term traders so intraday the pair would be volatile

Fundamental Overview

Pound is trading at 1.3322, continuing with the downturn after the manufacturing production numbers were reported below expectations. Comments from the Bank of England governor Carney, indicating the banks willingness to act if required added to the Pound’s weakness. Inflation expectations and trade balance data would add to the volatility but it the movement would be limited to 1.33-1.34 for the day

Economic Data & News

TIME COUNTRY DATA ACTUAL SURV PREVIOUS
2:00:00 PM GBP Trade Balance (Jul) -11.75B -12.41B
2:00:00 PM GBP Trade Balance Non-EU (Jul) -3.70B -4.16B
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