9 Dec 2013
GBP/USD pulling back after touching upside projected target at 1.6425 last week
FXstreet.com (Barcelona) - The GBP/USD has been pulling back over the last several sessions – but gently so – after the nice upside move that took place for the cross from 11/12 to 12/3. More of a correction appears possible if not likely according to technicians.
GBP/USD traders have to wait for US Fed Heads and their speeches for directional hints
There is no British data due out on Monday, so GBP/USD traders will have to rely on the reaction stemming from US Fed Head speeches during the US session on Monday. Until then technicals may be the main driver for the GBP/USD.
Technical outlook for GBP/USD
Technicians say that GBP/USD hit thy maximum short-term upside target put forth by Elliott Wave technicians at 1.6425. Now a pullback seems to be under way with correction targets of 1.6259 (the previous short-term peak) and the 11/25 low of 1.6132. In terms of additional resistance, above 1.6425 comes the round number resistance of 1.6500.
GBP/USD traders have to wait for US Fed Heads and their speeches for directional hints
There is no British data due out on Monday, so GBP/USD traders will have to rely on the reaction stemming from US Fed Head speeches during the US session on Monday. Until then technicals may be the main driver for the GBP/USD.
Technical outlook for GBP/USD
Technicians say that GBP/USD hit thy maximum short-term upside target put forth by Elliott Wave technicians at 1.6425. Now a pullback seems to be under way with correction targets of 1.6259 (the previous short-term peak) and the 11/25 low of 1.6132. In terms of additional resistance, above 1.6425 comes the round number resistance of 1.6500.