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12 Dec 2013
GBP/USD posts bearish reversal candle Wednesday. Could it have a date with 1.6250?
FXstreet.com (Barcelona) - The GBP/USD was due for a correction anyway, but the DC politicians playing nice for once has talk of a December / January tapering heating up more than just a few days ago. That chatter may exacerbate any correction in GBP/USD.
GBP/USD traders to focus British and US data Thursday
GBP/USD traders will be closely monitoring the following data releases Thursday:
• The British Leading Economic Index
• US weekly Jobless Claims
• US Import / Export Prices
• US Retail Sales
• and, US Business Inventories
Technical outlook for GBP/USD
Technicians say that GBP/USD has exceeded their maximum short-term upside target created by Elliott Wave projection at 1.6425. Support below that comes in at 1.6296 (the first Fibonacci retracement line) and the 2nd Fibo line at 1.6250. The next projected resistance for the cross comes in at approximately 1.6600 – although the technicians say anything is possible when a breakout such as this occurs.
GBP/USD traders to focus British and US data Thursday
GBP/USD traders will be closely monitoring the following data releases Thursday:
• The British Leading Economic Index
• US weekly Jobless Claims
• US Import / Export Prices
• US Retail Sales
• and, US Business Inventories
Technical outlook for GBP/USD
Technicians say that GBP/USD has exceeded their maximum short-term upside target created by Elliott Wave projection at 1.6425. Support below that comes in at 1.6296 (the first Fibonacci retracement line) and the 2nd Fibo line at 1.6250. The next projected resistance for the cross comes in at approximately 1.6600 – although the technicians say anything is possible when a breakout such as this occurs.