GBP/USD stuck below 1.5587 key hurdle ahead of Wednesday’s data

FXstreet.com (Barcelona) - The GBP/USD fell for a week straight (8/21 – 8/28) after failing to break above LT correction resistance at 1.5738. The bounce that has occurred off the 8/28 low has correction resistance of its own at 1.5587.

GBP/USD traders get appetizer Wednesday with the main course Thursday / Friday

Here’s the schedule of key news due out for the rest of this week for GBP/USD traders:

• Wednesday: British Services PMI; US Trade Balance; US Fed Beige Book; Fed’s William Dudley speaking
• Thursday: Fed’s Narayana Kocherlakota speaking; Bank of England Rate Decision and Asset Purchase Plans; US ADP Employment Change; US Weekly Jobless Claims; US Non-Farm Productivity & Labor Costs; US Factory Orders; US ISM Non-Manufacturing PMI
• Friday: British Consumer Inflation Expectations; British Industrial Production; British Manufacturing Production; British Trade Balance; US Monthly Employment Report

Technical outlook for GBP/USD

As noted above, technicians say the key level to monitor in the short-term for GBP/USD is 1.5587. A close above that level may lead to a test of the recent highs at 1.5717. Short-term support for the cross comes in at the horizontal line support at 1.5530 and is followed by Friday’s pivot of 1.5461.