13 Dec 2013
GBP/USD continues corrective sell-off Friday. 1.6250 still technicians’ target
FXstreet.com (Barcelona) - The GBP/USD is continuing its new short-term corrective sell-off early Friday following Thursday’s bullish USD action.
GBP/USD traders to focus British speech and US data Friday
GBP/USD traders will be closely monitoring technical factors first and foremost on Friday, but the following data releases are also due out Friday:
• Headlines from a speech by British Monetary Policy Committee Member Spencer Dale
• US Producer Price Index
Technical outlook for GBP/USD
At 1.6341, technicians say that GBP/USD has begun to correct back below previous resistance at 1.6425. Next support comes in at 1.6296 (the first Fibonacci retracement line) and is backed up by the likeliest target at the 2nd Fibo line at 1.6250. The next projected resistance for the cross after this correction runds its course comes in at approximately 1.6600 – although the technicians say anything is possible when a breakout such as this occurs.
GBP/USD traders to focus British speech and US data Friday
GBP/USD traders will be closely monitoring technical factors first and foremost on Friday, but the following data releases are also due out Friday:
• Headlines from a speech by British Monetary Policy Committee Member Spencer Dale
• US Producer Price Index
Technical outlook for GBP/USD
At 1.6341, technicians say that GBP/USD has begun to correct back below previous resistance at 1.6425. Next support comes in at 1.6296 (the first Fibonacci retracement line) and is backed up by the likeliest target at the 2nd Fibo line at 1.6250. The next projected resistance for the cross after this correction runds its course comes in at approximately 1.6600 – although the technicians say anything is possible when a breakout such as this occurs.