11 Nov 2013
GBP/USD back in the black after opening lower to start the week
FXstreet.com (Barcelona) - The GBP/USD plunged last week after the the big upside surprise in the US non-farm payrolls Friday. Will a dovish Janet Yellen appear this week to give the GBP/USD bulls a reprieve?
GBP/USD traders waiting on data flow to pick up on Tuesday
With the Veterans’ Day holiday in the US and no data due out of Britain until Tuesday morning, GBP/USD traders will likely be trading fairly lightly Monday. That, however, does not mean that sizable moves cannot occur based purely on technicals or perhaps simply as a continuation of the most recent downtrend. The first bit of data that should have some meaningful effect on the GBP/USD cross comes on Tuesday morning in the form of British inflation data.
Technical outlook for GBP/USD
Technicians say that GBP/USD is correcting higher and has short-term resistance at 1.6025 – which is very short-term “correction resistance”. A break above that level would lead to more of a run up to 1.6040 and/or 1.6050. 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 data flow to pick up on Tuesday
With the Veterans’ Day holiday in the US and no data due out of Britain until Tuesday morning, GBP/USD traders will likely be trading fairly lightly Monday. That, however, does not mean that sizable moves cannot occur based purely on technicals or perhaps simply as a continuation of the most recent downtrend. The first bit of data that should have some meaningful effect on the GBP/USD cross comes on Tuesday morning in the form of British inflation data.
Technical outlook for GBP/USD
Technicians say that GBP/USD is correcting higher and has short-term resistance at 1.6025 – which is very short-term “correction resistance”. A break above that level would lead to more of a run up to 1.6040 and/or 1.6050. Support for the cross comes in at Friday’s low of 1.5956 and is backed up by 1.5902.