27 Nov 2013
GBP/USD off gently after counter-trend bounce during Tuesday’s US session
FXstreet.com (Barcelona) - The GBP/USD opened lower for the session after a sharp rebound occurred Tuesday during the US session. There may be one more upside try in the cards, but technicians say the key resistance comes in at 1.6221.
GBP/USD traders to react to British and US data on Wednesday
The data flow that may have an impact on the GBP/USD Wednesday includes: British GDP; British Inflation Report Hearings; British Distributive Trades Survey; US Durable Goods Orders; US Weekly Jobless Claims; US Chicago PMI; US Leading Indicators; and the US University of Michigan Consumer Sentiment Survey.
Technical outlook for GBP/USD
Technicians say that GBP/USD has short-term “correction resistance” at 1.6221 – created by Fibonacci projection lines. Above that, critical resistance comes in at the 10/23 intraday high at 1.6259 – the last line in the sand for the bears. Support on pullbacks starts at Monday’s low at 1.6132 and is backed up by last week’s low of 1.6058.
GBP/USD traders to react to British and US data on Wednesday
The data flow that may have an impact on the GBP/USD Wednesday includes: British GDP; British Inflation Report Hearings; British Distributive Trades Survey; US Durable Goods Orders; US Weekly Jobless Claims; US Chicago PMI; US Leading Indicators; and the US University of Michigan Consumer Sentiment Survey.
Technical outlook for GBP/USD
Technicians say that GBP/USD has short-term “correction resistance” at 1.6221 – created by Fibonacci projection lines. Above that, critical resistance comes in at the 10/23 intraday high at 1.6259 – the last line in the sand for the bears. Support on pullbacks starts at Monday’s low at 1.6132 and is backed up by last week’s low of 1.6058.