25 Oct 2013
Elliott Wavers say GBP/USD in midst of “abc” correction lower; first support at 1.6085
FXstreet.com (Barcelona) - GBP/USD bounced modestly Thursday after key bearish reversal Wednesday. Elliott Wave theorists say one more shot lower may be in the cards.
GBP/USD to react to data for the rest of the session
Thursday, GBP/USD traders will be reacting to Q3 GDP figures for Britain and Durable Goods and the University of Michigan Consumer Sentiment Survey out of the US.
Technical outlook for GBP/USD
Technicians say that GBP/USD must take out short-term resistance at 1.6259 to open things up to the upside. Elliott Wave technicians say GBP/USD is likely in a counter-trend pullback as part of wave 5 higher with a projected target of 1.6432. Elliott Wave support comes in at the Fibonacci retracement of 1.6085.
GBP/USD to react to data for the rest of the session
Thursday, GBP/USD traders will be reacting to Q3 GDP figures for Britain and Durable Goods and the University of Michigan Consumer Sentiment Survey out of the US.
Technical outlook for GBP/USD
Technicians say that GBP/USD must take out short-term resistance at 1.6259 to open things up to the upside. Elliott Wave technicians say GBP/USD is likely in a counter-trend pullback as part of wave 5 higher with a projected target of 1.6432. Elliott Wave support comes in at the Fibonacci retracement of 1.6085.