29 Jul 2013
GBP/USD holding onto gains from Thursday’s bullish reversal; 1.5508 next target
FXstreet.com (Barcelona) - The British Pound / US Dollar cross (GBPUSD) is treading water early Monday after a bullish reversal candle last Thursday set the cross on a track towards resistance at 1.5508. Data this week to drive things.
GBP/USD traders to focus on heavy data flow this week – starting in England early Monday
After a bullish reaction to data, news and rumors last week, the GBP/USD will once again have plenty of data and news to provide it with short-term direction this week – with the US and Britain’s central bankers taking center stage Wednesday and Thursday and the US employment report dominating the stage on Friday. First, though there will be mortgage and lending data coming out of England early Monday morning.
GBP/USD technical outlook
Technicians all point to the 1.5508 “correction resistance” as the next critical level for GBP/USD bulls. If GBP’USD takes that level out, much more upside potential would open up say some technicians. However, based on his macro analysis, Tim Thielen, CMT and author of The Sea Change Report, is calling for GBP/USD to falter at 1.5508 and head back to the downside. His eventual downside target rests down at 1.4800. Shorter-term resistance comes in at Thursday’s high of 1.5433 and is followed by the 1.5508 key resistance level. Support for GBP/USD comes in at Wednesday’s close at 1.5313 and is followed by Thursday’s low at 1.5262.
GBP/USD traders to focus on heavy data flow this week – starting in England early Monday
After a bullish reaction to data, news and rumors last week, the GBP/USD will once again have plenty of data and news to provide it with short-term direction this week – with the US and Britain’s central bankers taking center stage Wednesday and Thursday and the US employment report dominating the stage on Friday. First, though there will be mortgage and lending data coming out of England early Monday morning.
GBP/USD technical outlook
Technicians all point to the 1.5508 “correction resistance” as the next critical level for GBP/USD bulls. If GBP’USD takes that level out, much more upside potential would open up say some technicians. However, based on his macro analysis, Tim Thielen, CMT and author of The Sea Change Report, is calling for GBP/USD to falter at 1.5508 and head back to the downside. His eventual downside target rests down at 1.4800. Shorter-term resistance comes in at Thursday’s high of 1.5433 and is followed by the 1.5508 key resistance level. Support for GBP/USD comes in at Wednesday’s close at 1.5313 and is followed by Thursday’s low at 1.5262.