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On Wednesday, the open letter signed by Democratic and Republican former secretaries including Timothy Geithner, Henry Paulson, etc, showed the view that the Brexit could be a risky step of Britain. According to this, Britain economy will go down seriously if the country leaves the European Union. Moreover, the role of London as a global financial center will be negatively affected, as well as inward looking into Britain will decline if this event occurs.
The Office for National Statistics in UK, released data on the change in prices that UK businesses and the government pay for labor, including bonuses. The change in prices was at 1.8%, down 0.3% compared with 2.1% in January.
The data also reported the UK Unemployment Rate in March unchanged at 5.1% compared with the data in February. The data measures the percentage of the work force that is currently unemployed and searching for jobs in the past three months. The rate of unemployment is a very important parameter of the economy due to its correlation with the labor market. The Unemployment rate also affects the monetary policy decision of policy makers.
Today, the end of the three-day strike by the National Oil Company, in Kuwait caused oil prices to witness a significant drop, reviving the bearish sentiment after the failure of the Doha meeting in freezing oil production.
The Crude Oil Inventories data from the US is due later tonight. It measures the change in the number of barrels of crude oil held in inventory by commercial firms during the past week. It is expected to be 2.2 million barrels after being reported at 6.6 million barrels the week before.
Fig. GBPUSD D1 Technical Chart
GBP witnessed a slight drop against its US counterpart from around 1.43965 to as low as 1.43771. RSI is now hovering around level 57 and heading to the oversold territory, indicating that the buying power is weaker and weaker. Though the pair GBPUSD is supported by the short-term EMA below, the price is expected to go down, hitting the support level at 1.40536, created on January 21.
Buy Digital Call Option at 1.40803 valid until April 22, 2016
Buy Digital Put Option at 1.46798 valid until April 22, 2016.