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Market Analysis

Home » Technical Analysis » Daily » GBPCHF – British Pound Shows Signs Of Life

GBPCHF – British Pound Shows Signs Of Life

Posted by FXTimes in Daily - May 18th, 2016 11:25 am GMT

pound 17

Key Points

  • The British Pound rocketed higher vs the Swiss Franc, and traded above the 1.4200 area.
  • There is a bullish trend line formed on the hourly chart of the GBPCHF pair, which is acting as a catalyst for the upside move.
  • UK Claimant Change released by the National Statistics posted a change of -2.4K in April 2016, better than the forecast of 4K.
  • The US Average Earing Including Bonus increased by 2%, more than the forecast of 1.7%.

Technical Analysis

The British Pound spiked sharply higher vs the Swiss Franc, and traded above the 1.4200 resistance area. There was a solid buying interested noted in GBPCHF, and there is also a bullish trend line formed on the hourly chart providing support.

GBPCHF

It looks like the pair may continue to trade higher and test the 1.618 extension of the last drop from the 1.4196 high to 1.4087 low.

If you are looking to buy GBPCHF, then you can consider around the trend line and support area.

UK Claimant Change

Today in the UK, the Claimant Change, which presents the number of unemployment people in the UK was released by the National Statistics. The forecast was slated for a change of 4K in April 2016. However, the outcome was positive, as there was a change of -2.4K.

The report added that “Between October to December 2015 and January to March 2016, the number of people in work increased, the number of unemployed people was little changed, but the number of people not working and not seeking or available to work (economically inactive) fell”.

Overall, the result was positive, and better than the forecast. So, there are chances of more gains in the British Pound moving ahead.

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