During yesterday’s trading session GBP/USD traded within the range of 1.6952-1.7004 and closed at 1.6981.
At 7:50 GMT today GBP/USD was gaining 0.03% for the day to trade at 1.6988. The pair touched a daily high at 1.6997 at 6:35 GMT.
Fundamental view
The initial jobless claims in the US probably fell to 311 000 in the week ended June 21st, from 312 000 a week ago, according to the median estimate by experts.
The statistical arm of the US Department of Labor will release an official report at 12:30 GMT today. If jobless claims fall more than expected, this will provide support for the US dollar.
In addition, personal income in the US probably rose 0.4% in May, according to the median analysts’ estimate. At the same time, personal spending probably increased 0.4% last month, following an unexpected 0.1% drop in April.
The official report is due out at 12:30 GMT. In case, both indicators register a larger-than-expected gain, this would boost greenback’s demand.
Technical view
According to Binary Tribune’s daily analysis, in case GBP/USD manages to breach the first resistance level at 1.7006, it will probably continue up to test 1.7031. In case the second key resistance is broken, the pair will probably attempt to advance to 1.7058.
If GBP/USD manages to breach the first key support at 1.6954, it will probably continue to slide and test 1.6927. With this second key support broken, the movement to the downside will probably continue to 1.6902.
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