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25 Nov 2013
GBP/USD correcting off of session lows
FXstreet.com (Barcelona) - The GBP/USD has been going through a technical correction lower since the second hour of trading this first session of the week. Now, though, it is bouncing off of session lows.
GBP/USD traders to react to British and US data on Monday
GBP/USD traders will be monitoring the British housing prices and mortgage approval data due out during the European session Monday. Then, during the US trading hours, US Pending Home sales and the Dallas Fed Manufacturing Index will be released which could also inspire some movement in either direction for the cross.
Technical outlook for GBP/USD
Technicians say that GBP/USD has critical resistance at the 10/23 intraday high at 1.6259 – the last line in the sand for the bears. Above that level, GBP/USD should make a quick run up to 1.6375. Support on any pullback starts at last week’s low of 1.6058 and is followed up by the 11/12 low of 1.5851.
GBP/USD traders to react to British and US data on Monday
GBP/USD traders will be monitoring the British housing prices and mortgage approval data due out during the European session Monday. Then, during the US trading hours, US Pending Home sales and the Dallas Fed Manufacturing Index will be released which could also inspire some movement in either direction for the cross.
Technical outlook for GBP/USD
Technicians say that GBP/USD has critical resistance at the 10/23 intraday high at 1.6259 – the last line in the sand for the bears. Above that level, GBP/USD should make a quick run up to 1.6375. Support on any pullback starts at last week’s low of 1.6058 and is followed up by the 11/12 low of 1.5851.