13 Nov 2013
GBP/USD threatening to close below 1.5902 support – at 1.5880 currently
FXstreet.com (Barcelona) - The GBP/USD is threatening a break of support on continued thoughts of QE-tapering. Very big British data due out later Wednesday likely to control the action.
GBP/USD traders waiting on British data later Wednesday
In several hours, GBP/USD traders will get to trade off of British Unemployment data, British earnings data and the Bank of England’s Quarterly Inflation Report. Additionally, BOE Governor Carney will be speaking publicly – which could absolutely push the GBP/USD around.
Technical outlook for GBP/USD
Technicians say that GBP/USD is picking up momentum on the downside with 1.5803 as the next major support level. If that level is violated, 1.5685 and 1.5612 – both Fibonacci projections – would be next up. Resistance for the cross comes in at the previous support at 1.5902 with 1.6000 backing that up.
GBP/USD traders waiting on British data later Wednesday
In several hours, GBP/USD traders will get to trade off of British Unemployment data, British earnings data and the Bank of England’s Quarterly Inflation Report. Additionally, BOE Governor Carney will be speaking publicly – which could absolutely push the GBP/USD around.
Technical outlook for GBP/USD
Technicians say that GBP/USD is picking up momentum on the downside with 1.5803 as the next major support level. If that level is violated, 1.5685 and 1.5612 – both Fibonacci projections – would be next up. Resistance for the cross comes in at the previous support at 1.5902 with 1.6000 backing that up.