24 Sep 2013
GBP/USD off slightly Tuesday after brief rally Monday; key support 1.5894
FXstreet.com (Barcelona) - GBP/USD still appears to be in the midst of a minor downside correction with a projected floor of 1.5894. Monday’s bounce may have been wave “b” of an “abc” move to the downside.
GBP/USD traders to focus on US data points and US / British central banker speeches
In terms of the US, traders will get to digest US home price indices , Consumer Sentiment and multiple “Fed Head” speeches on Tuesday as well as the toxic news flow out of Washington regarding the budget, debt ceiling and Obamacare.
GBP/USD traders will also get some guidance from the Bank of England’s Deputy Governor Charlie Bean when he gives a speech at 17:00 GMT.
Technical outlook for GBP/USD
Technicians say GBP/USD should continue lower until support at 1.5894 is tested. Beyond that, 1.5728 is the next possible support level. Resistance for the cross comes in at 1.6162.
GBP/USD traders to focus on US data points and US / British central banker speeches
In terms of the US, traders will get to digest US home price indices , Consumer Sentiment and multiple “Fed Head” speeches on Tuesday as well as the toxic news flow out of Washington regarding the budget, debt ceiling and Obamacare.
GBP/USD traders will also get some guidance from the Bank of England’s Deputy Governor Charlie Bean when he gives a speech at 17:00 GMT.
Technical outlook for GBP/USD
Technicians say GBP/USD should continue lower until support at 1.5894 is tested. Beyond that, 1.5728 is the next possible support level. Resistance for the cross comes in at 1.6162.