10 Dec 2013
GBP/USD breaking out above 1.6442 recent high as traders abandon the greenback
FXstreet.com (Barcelona) - The GBP/USD is ripping higher as every living soul seems to be jumping off of the greenback’s ship right now – with the idea of asking questions later. What could possibly be driving this action?
GBP/USD traders to focus solely on British data Tuesday
GBP/USD traders will have their attention focused solely on Britain Tuesday as there is no data due out from the US. The three key data points due out of Britain are British Trade Balance, British Industrial and Manufacturing Production data and the British GDP estimate.
Technical outlook for GBP/USD
Technicians say that GBP/USD has exceeded their maximum short-term upside target created by Elliott Wave projection at 1.6425. Support below that comes in at 1.6259 (the previous short-term peak) and the 11/25 low of 1.6132. The next projected resistance for the cross comes in at approximately 1.6600 – although the technicians say anything is possible when a breakout such as this occurs.
GBP/USD traders to focus solely on British data Tuesday
GBP/USD traders will have their attention focused solely on Britain Tuesday as there is no data due out from the US. The three key data points due out of Britain are British Trade Balance, British Industrial and Manufacturing Production data and the British GDP estimate.
Technical outlook for GBP/USD
Technicians say that GBP/USD has exceeded their maximum short-term upside target created by Elliott Wave projection at 1.6425. Support below that comes in at 1.6259 (the previous short-term peak) and the 11/25 low of 1.6132. The next projected resistance for the cross comes in at approximately 1.6600 – although the technicians say anything is possible when a breakout such as this occurs.