31 Dec 2013
GBP/USD closed Monday above resistance at 1.6483; next upside is recent high at 1.6577
FXstreet.com (Barcelona) - The GBP/USD is lifting once again Tuesday after closing above short-term projection of 1.6483. If it can conquer the recent intraday high of 1.6577, the door is open for a move up to north of 1.6700.
GBP/USD traders blowing off tapering thoughts and focusing on sour US data instead
Monday’s release of weaker-than-expected Pending Home Sales data in the US boosted the GBP/USD through short-term resistance at 1.6483 and had bearish traders waving the white flag of surrender. Thus far on Tuesday, the cross is giving back just a little of Monday’s gains as traders await more US data during the US session. The two key data points expected are the US Chicago Purchasing Managers Index and the US Consumer Confidence Survey.
Technical outlook for GBP/USD
Technicians say that GBP/USD blew through the short-term projected high of 1.6483 and is now setting up for a test of the recent high of 1.6577. If the bulls keep steaming higher from there, the next projected resistance would not come into play until 1.6700. Initial support comes in at last Tuesday’s intraday low of 1.6216 and is backed up by additional horizontal line support at 1.6089.
GBP/USD traders blowing off tapering thoughts and focusing on sour US data instead
Monday’s release of weaker-than-expected Pending Home Sales data in the US boosted the GBP/USD through short-term resistance at 1.6483 and had bearish traders waving the white flag of surrender. Thus far on Tuesday, the cross is giving back just a little of Monday’s gains as traders await more US data during the US session. The two key data points expected are the US Chicago Purchasing Managers Index and the US Consumer Confidence Survey.
Technical outlook for GBP/USD
Technicians say that GBP/USD blew through the short-term projected high of 1.6483 and is now setting up for a test of the recent high of 1.6577. If the bulls keep steaming higher from there, the next projected resistance would not come into play until 1.6700. Initial support comes in at last Tuesday’s intraday low of 1.6216 and is backed up by additional horizontal line support at 1.6089.