12 Nov 2013
GBP/USD still in the red for the session even after recent bounce; up leg is coming say technicians
FXstreet.com (Barcelona) - The GBP/USD has had to work through Monday’s session and the partial session thus far Tuesday on pretty much a void of meaningful data flow. That will change on Tuesday, though.
GBP/USD traders waiting on British inflation data in several hours
GBP/USD traders are gearing up for British inflation data which is due out at 9:30 GMT as well as the Chicago Fed National Activity Index during the US session.
Technical outlook for GBP/USD
Technicians say that GBP/USD is correcting higher and has a minimum upside target of 1.6170 (“correction resistance” in Elliott Wave terms) with additional Fibonacci-generated upside targets of 1.6242 and 1.6287. Support for the cross comes in at Friday’s low of 1.5956 and is backed up by 1.5902.
GBP/USD traders waiting on British inflation data in several hours
GBP/USD traders are gearing up for British inflation data which is due out at 9:30 GMT as well as the Chicago Fed National Activity Index during the US session.
Technical outlook for GBP/USD
Technicians say that GBP/USD is correcting higher and has a minimum upside target of 1.6170 (“correction resistance” in Elliott Wave terms) with additional Fibonacci-generated upside targets of 1.6242 and 1.6287. Support for the cross comes in at Friday’s low of 1.5956 and is backed up by 1.5902.