10 Oct 2013
GBP/USD struggling to set a solid short-term low; anywhere in 1.5841 – 1.5908 will do
FXstreet.com (Barcelona) - GBP/USD has been tumbling recently in what the bulls hope is merely a short-term correction in a macro bull market.
GBP/USD traders to focus on DC and British data Wednesday
GBP/USD traders reacted understandably bearish to a string of sluggish British data points. Industrial Production, Manufacturing Production, Trade Balance and GDP all came out worse-than-expected and forced the GBP/USD persistently lower throughout the session.
Thursday, traders will get the BOE interest rate decision and asset purchase facility announcements as well as US import/export prices, weekly jobless claims, multiple Fed Head speeches and the 30-Year Treasury Bond auction.
Technical outlook for GBP/USD
Technicians say that GBP/USD’s Wednesday decline took the cross down to one of three possible support levels at 1.5908. The next two possible supports below that are 1.5884 and 1.5841. Resistance for the cross comes in at the 10/8 high at 1.6123.
GBP/USD traders to focus on DC and British data Wednesday
GBP/USD traders reacted understandably bearish to a string of sluggish British data points. Industrial Production, Manufacturing Production, Trade Balance and GDP all came out worse-than-expected and forced the GBP/USD persistently lower throughout the session.
Thursday, traders will get the BOE interest rate decision and asset purchase facility announcements as well as US import/export prices, weekly jobless claims, multiple Fed Head speeches and the 30-Year Treasury Bond auction.
Technical outlook for GBP/USD
Technicians say that GBP/USD’s Wednesday decline took the cross down to one of three possible support levels at 1.5908. The next two possible supports below that are 1.5884 and 1.5841. Resistance for the cross comes in at the 10/8 high at 1.6123.