31 Oct 2013
GBP/USD down again but may have hit wave 3 target at 1.6008; bounce expected
FXstreet.com (Barcelona) - GBP/USD has been under nearly relentless pressure since the failed attempt at a new high last Friday. It may have hit a very short-term low, but only a limited bounce is expected by technicians.
GBP/USD to react to British and US data later in the session
For the rest of the Thursday session, GBP/USD traders will be reacting to British housing data during the European session and US Weekly Jobless Claims and Chicago PMI during US trading hours.
Technical outlook for GBP/USD
Technicians say that GBP/USD hit a downside third wave target at 1.6008. A bounce potentially up to 1.6086 could occur as long as 1.6008 is not violated on a closing basis. Additional horizontal line resistance comes in at 1.6119 (the 10/23 low) and additional support comes in at the Elliott Wave projection at 1.5949.
GBP/USD to react to British and US data later in the session
For the rest of the Thursday session, GBP/USD traders will be reacting to British housing data during the European session and US Weekly Jobless Claims and Chicago PMI during US trading hours.
Technical outlook for GBP/USD
Technicians say that GBP/USD hit a downside third wave target at 1.6008. A bounce potentially up to 1.6086 could occur as long as 1.6008 is not violated on a closing basis. Additional horizontal line resistance comes in at 1.6119 (the 10/23 low) and additional support comes in at the Elliott Wave projection at 1.5949.