28 Oct 2013
GBP/USD opens higher – may continue to 1.6189 before finishing macro correction lower
FXstreet.com (Barcelona) - GBP/USD is grinding through a correction lower on the daily chart – which includes a little bounce potentially up to 1.6189 on a very short-term basis.
GBP/USD to react to US data later in the session
Monday, GBP/USD traders will be reacting to British housing and trade data during the European session and US Industrial Production and Capacity Utilization, US Pending Home Sales and the US Dallas Fed Manufacturing Survey during US trading hours.
Technical outlook for GBP/USD
Technicians say that GBP/USD has very short-term correction resistance at 1.6189 and that once resistance is tested, more downside potential exists to the 1.6085 level. Additional horizontal line resistance comes in at 1.6213 and additional support comes in at the 10/16 high of 1.6056.
GBP/USD to react to US data later in the session
Monday, GBP/USD traders will be reacting to British housing and trade data during the European session and US Industrial Production and Capacity Utilization, US Pending Home Sales and the US Dallas Fed Manufacturing Survey during US trading hours.
Technical outlook for GBP/USD
Technicians say that GBP/USD has very short-term correction resistance at 1.6189 and that once resistance is tested, more downside potential exists to the 1.6085 level. Additional horizontal line resistance comes in at 1.6213 and additional support comes in at the 10/16 high of 1.6056.