27 Sep 2013
GBP/USD rallying early Friday in corrective move; resistance comes in at 1.6126
FXstreet.com (Barcelona) - GBP/USD in the midst of a counter-trend move higher with a short-term upside target of 1.6126. The next move lower should take the cross down to 1.5894.
GBP/USD traders to focus on US data points Friday
Friday, GBP/USD traders will get to trade around the US data flow which will include personal income, consumption and spending data, the University of Michigan Consumer Confidence Survey as well as multiple “Fed Head” speeches.
Technical outlook for GBP/USD
GBP/USD appears to be in the early stages of wave “c” of an “abc” correction to the upside on a 60-mintue chart. The upside target if this, in fact, is a correction is 1.6126. Support for GBP/USD comes in at 1.5998.
GBP/USD traders to focus on US data points Friday
Friday, GBP/USD traders will get to trade around the US data flow which will include personal income, consumption and spending data, the University of Michigan Consumer Confidence Survey as well as multiple “Fed Head” speeches.
Technical outlook for GBP/USD
GBP/USD appears to be in the early stages of wave “c” of an “abc” correction to the upside on a 60-mintue chart. The upside target if this, in fact, is a correction is 1.6126. Support for GBP/USD comes in at 1.5998.