6 Dec 2013
GBP/USD pulling back after touching upside projected target at 1.6425 this week
FXstreet.com (Barcelona) - The GBP/USD ran further than some thought possible during this most recent rally. However, the GBP/USD now seems to have begun at least a short-term correction over the last three sessions.
GBP/USD traders get British inflation data and the US Jobs Report later Friday
With major data points due out of Britain and the US later on Friday, not much action is to be found in GBP/USD right now. In several hours, though, traders will get their appetizer in the form of the monthly British inflation picture. The main course, however, will come during US trading hours when the widely anticipated monthly Employment Report for the US is due out along with Personal Income and Spending data, the University of Michigan Consumer Confidence Survey and US Consumer Credit data. Add to all of that a speech from “Fed Head” Evans and you’ve got a recipe for some nice volatility for GBP/USD Friday.
Technical outlook for GBP/USD
Technicians say that GBP/USD hit thy maximum short-term upside target put forth by Elliott Wave technicians at 1.6425. Now a pullback seems to be under way with Fibonacci correction targets of 1.6259 (the previous short-term peak) and the 11/25 low of 1.6132. In terms of additional resistance, above 1.6425 comes the round number resistance of 1.6500.
GBP/USD traders get British inflation data and the US Jobs Report later Friday
With major data points due out of Britain and the US later on Friday, not much action is to be found in GBP/USD right now. In several hours, though, traders will get their appetizer in the form of the monthly British inflation picture. The main course, however, will come during US trading hours when the widely anticipated monthly Employment Report for the US is due out along with Personal Income and Spending data, the University of Michigan Consumer Confidence Survey and US Consumer Credit data. Add to all of that a speech from “Fed Head” Evans and you’ve got a recipe for some nice volatility for GBP/USD Friday.
Technical outlook for GBP/USD
Technicians say that GBP/USD hit thy maximum short-term upside target put forth by Elliott Wave technicians at 1.6425. Now a pullback seems to be under way with Fibonacci correction targets of 1.6259 (the previous short-term peak) and the 11/25 low of 1.6132. In terms of additional resistance, above 1.6425 comes the round number resistance of 1.6500.