11 Oct 2013
GBP/USD held support at 1.5907 the last two sessions; Elliott Wavers say 1.6432 is upside target
FXstreet.com (Barcelona) - GBP/USD rallied Thursday following the release of neutral / hawkish messages out of the Bank of England with their interest rate decision and asset purchase facility announcements.
GBP/USD traders to focus on DC and data Friday
GBP/USD traders will continue to focus on the news flow out of Washington – where the news as of 22:00 GMT is that Obama and the Congressional Republicans met for an hour earlier in the day and that “slight progress” was made during those discussions.
However, GBP/USD traders will also monitor with interest leading indicator data out of Britain early in the session as well as the University of Michigan Consumer Sentiment Index later in the session.
Technical outlook for GBP/USD
Technicians say that GBP/USD has bounced off of key “correction support” at 1.5911. The next two possible supports below that are 1.5884 and 1.5841. Short-term resistance for the cross comes in at horizontal line at 1.6000 and then the 10/8 high at 1.6123. Elliott Wave technicians say GBP/USD is likely in the early stages of wave 5 higher with a projected target of 1.6432.
GBP/USD traders to focus on DC and data Friday
GBP/USD traders will continue to focus on the news flow out of Washington – where the news as of 22:00 GMT is that Obama and the Congressional Republicans met for an hour earlier in the day and that “slight progress” was made during those discussions.
However, GBP/USD traders will also monitor with interest leading indicator data out of Britain early in the session as well as the University of Michigan Consumer Sentiment Index later in the session.
Technical outlook for GBP/USD
Technicians say that GBP/USD has bounced off of key “correction support” at 1.5911. The next two possible supports below that are 1.5884 and 1.5841. Short-term resistance for the cross comes in at horizontal line at 1.6000 and then the 10/8 high at 1.6123. Elliott Wave technicians say GBP/USD is likely in the early stages of wave 5 higher with a projected target of 1.6432.