6 Nov 2013
GBP/USD hits projected upside target at 1.6094 and backs off
FXstreet.com (Barcelona) - The GBP/USD has rallied throughout the Asian session and may have met a short-term upside objective at 1.6094. The cross has started to back off a bit in what may be a pre-cursor correction lower ahead of more upside.
GBP/USD traders looking to data from both Britain and the US Wednesday
Traders in the GBP/USD arena will be reacting to British Production data, US Challenger Job Cuts data and the Conference Board’s Index of Leading Economic Indicators for the US.
Technical outlook for GBP/USD
Technicians say that GBP/USD has its resistance range for this move just above current levels at 1.6094 to 1.6109. On the anticipated pullback, support should come in at the range of 1.6019 to 1.6062.
GBP/USD traders looking to data from both Britain and the US Wednesday
Traders in the GBP/USD arena will be reacting to British Production data, US Challenger Job Cuts data and the Conference Board’s Index of Leading Economic Indicators for the US.
Technical outlook for GBP/USD
Technicians say that GBP/USD has its resistance range for this move just above current levels at 1.6094 to 1.6109. On the anticipated pullback, support should come in at the range of 1.6019 to 1.6062.