6 Dec 2013
GBP/USD at session lows as traders bet on QE-tapering by the US Fed
FXstreet.com (Barcelona) - The GBP/USD continued what at best appears to be a short-term correction and at worst is the beginning of a more serious move lower.
GBP/USD traders get British inflation data and the US Jobs Report later Friday
GBP/USD traders will get to trade off of the monthly British inflation picture in just a matter of hours now. The big news of the Friday session, 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
GBP/USD traders will get to trade off of the monthly British inflation picture in just a matter of hours now. The big news of the Friday session, 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.