26 Sep 2013
GBP/USD consolidating big gains from Wednesday; first support 1.6046
FXstreet.com (Barcelona) - GBP/USD spent the first several hours of the Thursday session drifting lower in a fourth wave consolidation in advance of what should be another shot to the upside.
GBP/USD traders to focus on data points Thursday
GBP/USD rallied sharply on falling US Treasury rates and technical buying pressure for the cross. The low for the session was at 1.5978 early on and the rally peak occurred at 1.6083 towards the end of the Wednesday session. Since the peak, it has been a very quiet drift lower.
GBP/USD traders will get to react to British GDP at 08:30 GMT and then US GDP, weekly jobless claims, pending home sales and several “Fed Head” speeches later in the session.
Technical outlook for GBP/USD
Technicians say GBP/USD should continue lower until support at 1.6046 is tested. Beyond that, 1.6033 is the next possible support level. Resistance for the cross comes in at 1.6162.
GBP/USD traders to focus on data points Thursday
GBP/USD rallied sharply on falling US Treasury rates and technical buying pressure for the cross. The low for the session was at 1.5978 early on and the rally peak occurred at 1.6083 towards the end of the Wednesday session. Since the peak, it has been a very quiet drift lower.
GBP/USD traders will get to react to British GDP at 08:30 GMT and then US GDP, weekly jobless claims, pending home sales and several “Fed Head” speeches later in the session.
Technical outlook for GBP/USD
Technicians say GBP/USD should continue lower until support at 1.6046 is tested. Beyond that, 1.6033 is the next possible support level. Resistance for the cross comes in at 1.6162.