26 Nov 2013
GBP/USD falling softly after posting a nasty bearish reversal candle on Monday
FXstreet.com (Barcelona) - The GBP/USD opened higher for the session but is back in the red after posting an ominous bearish reversal candle formation on the price chart.
GBP/USD traders to react only to US data on Tuesday
As no data is due out of Britain on Tuesday, GBP/USD traders will have to wait until the US session Tuesday before any potentially market-moving news / data is due out. At that point, though, they will get to react to S&P Case Schiller Home Prices; US Building Permits; US Housing Starts; US Consumer Confidence and the US Richmond Fed Manufacturing Index.
Technical outlook for GBP/USD
Technicians say that GBP/USD has critical resistance at the 10/23 intraday high at 1.6259 – the last line in the sand for the bears. Monday’s bearish candle had an intraday high of 1.6239 – just below the 10/23 high. Above that level, GBP/USD should make a quick run up to 1.6375. Support for this pullback starts at last week’s low of 1.6058 and is followed up by the 11/12 low of 1.5851.
GBP/USD traders to react only to US data on Tuesday
As no data is due out of Britain on Tuesday, GBP/USD traders will have to wait until the US session Tuesday before any potentially market-moving news / data is due out. At that point, though, they will get to react to S&P Case Schiller Home Prices; US Building Permits; US Housing Starts; US Consumer Confidence and the US Richmond Fed Manufacturing Index.
Technical outlook for GBP/USD
Technicians say that GBP/USD has critical resistance at the 10/23 intraday high at 1.6259 – the last line in the sand for the bears. Monday’s bearish candle had an intraday high of 1.6239 – just below the 10/23 high. Above that level, GBP/USD should make a quick run up to 1.6375. Support for this pullback starts at last week’s low of 1.6058 and is followed up by the 11/12 low of 1.5851.