Back
12 Sep 2013
Overbought GBP/USD buoyant at 1.5835 ahead of data / events
FXstreet.com (Barcelona) - The GBP/USD has rallied beautifully recently – breaking “correction resistance” at 1.5738 in the process. Now overbought, will GBP/USD find an excuse to correct lower gently?
GBP/USD will react Thursday to British inflation discussions and US data
Later this morning, Great Britain will hold their regular discussion / debate on British inflation. That event will be closely watched by analysts and traders as a potential catalyst for the GBP/USD. A while after that, the weekly jobless claims number for the US will be due out.
Technical outlook for GBP/USD
Tim Thielen, CMT and author of the Sea Change Report, in his most recent piece for FX Street noted that GBP/USD may have just completed or is completing a five wave sequence higher – which should be followed by a fairly deep retracement lower – perhaps taking GBP/USD back down to 1.5430 - 1.5526 from 1.5820 currently. Shorter-term support comes in at 1.5594 and 1.5445 – both of which are Fibonacci retracements of the July to September rally.
GBP/USD will react Thursday to British inflation discussions and US data
Later this morning, Great Britain will hold their regular discussion / debate on British inflation. That event will be closely watched by analysts and traders as a potential catalyst for the GBP/USD. A while after that, the weekly jobless claims number for the US will be due out.
Technical outlook for GBP/USD
Tim Thielen, CMT and author of the Sea Change Report, in his most recent piece for FX Street noted that GBP/USD may have just completed or is completing a five wave sequence higher – which should be followed by a fairly deep retracement lower – perhaps taking GBP/USD back down to 1.5430 - 1.5526 from 1.5820 currently. Shorter-term support comes in at 1.5594 and 1.5445 – both of which are Fibonacci retracements of the July to September rally.