19 Sep 2013
GBP/USD digesting 2400 pip 1-day gain following BOE minutes and FOMC follies
FXstreet.com (Barcelona) - It was a huge day of volatility and epic surprises for global investors. GBP/USD traders will be have to re-focus Thursday on news flow out of both England and the US.
GBP/USD have seen nearly a 10% move in 90 days; more catalysts needed for run to continue
The GBP/USD is off slightly after the shocking upside move that took place Wednesday following the Bank of England’s policy meeting minutes and the FOMC’s historic “no-tapering” curveball.
GBP/USD traders will get a look at British retail sales early Thursday. Later in the session, they will get a flurry of US data including US Weekly Jobless Claims and existing home sales data as well as the Philly Fed Manufacturing Survey and the Conference Board’s Leading Economic Indicators.
Technical outlook for GBP/USD
Technicians say the GBP/USD has completed a five-wave move higher at around 1.6140 and may be setting up for a consolidation / correction that could take it down to 1.5894 or lower in the coming days.
GBP/USD have seen nearly a 10% move in 90 days; more catalysts needed for run to continue
The GBP/USD is off slightly after the shocking upside move that took place Wednesday following the Bank of England’s policy meeting minutes and the FOMC’s historic “no-tapering” curveball.
GBP/USD traders will get a look at British retail sales early Thursday. Later in the session, they will get a flurry of US data including US Weekly Jobless Claims and existing home sales data as well as the Philly Fed Manufacturing Survey and the Conference Board’s Leading Economic Indicators.
Technical outlook for GBP/USD
Technicians say the GBP/USD has completed a five-wave move higher at around 1.6140 and may be setting up for a consolidation / correction that could take it down to 1.5894 or lower in the coming days.