In a couple of hours time, UK will be announcing the change in the number of people claiming unemployment-related benefits in Oct. Analysts estimates point to a 0.5K drop in number of claimants, believing that employment climate in UK will continue to improve.
Hourly Chart
Price is currently trading just below 1.59, with 1.5915 acting as the upper limit for current trading range. A much better than expected data release may push price towards 1.5915, with a possibility of break should data outperform tremendously. However, traders should wait and see if bears retake 1.5915 for a better gauge of mid-term trend.
Daily Chart
A worse than expected showing may help the downtrend identified via the Daily Chart, with current price trading just below August 22nd – 23rd swing high. Daily chart also suggest potential resistance just around 1.595 thereabouts which was acting as support before the bearish engulfing candle on 9th Nov.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
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