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11 Sep 2013
GBP/USD heads into employment report easing away from 1.5737 resistance
FXstreet.com (Barcelona) - While the GBP/JPY was exploding through its key resistance, the GBP/USD is still struggling to do so with its own key resistance at 1.5732 – 1.5737.
GBP/USD used the lack of data and the recent momentum to test upside limits
The GBP/USD simply continued the recent bullish trend Tuesday as there was not enough data flow from the two countries to alter the momentum.
Wednesday, GBP/USD traders will get important British employment data and a speech from a member of Britain’s Monetary Policy Committee to help guide near term decisions. There will be some minor US data out Wednesday, but most everyone will be watching the happenings in Washington, D.C. for more concrete direction regarding the Syrian situation.
Technical outlook for GBP/USD
Technician and Portfolio Manager Tim Thielen, CMT, of Sea Change Capital believes the GBP/USD is at a major crossroads here at the 1.5732 – 1.5737 resistance level. In a recent report, he noted that a break and close above that level will break the backs of the GBP/USD bears while a hold of that resistance may lead to a tumble all the way down to 1.4500 – 1.4600.
GBP/USD used the lack of data and the recent momentum to test upside limits
The GBP/USD simply continued the recent bullish trend Tuesday as there was not enough data flow from the two countries to alter the momentum.
Wednesday, GBP/USD traders will get important British employment data and a speech from a member of Britain’s Monetary Policy Committee to help guide near term decisions. There will be some minor US data out Wednesday, but most everyone will be watching the happenings in Washington, D.C. for more concrete direction regarding the Syrian situation.
Technical outlook for GBP/USD
Technician and Portfolio Manager Tim Thielen, CMT, of Sea Change Capital believes the GBP/USD is at a major crossroads here at the 1.5732 – 1.5737 resistance level. In a recent report, he noted that a break and close above that level will break the backs of the GBP/USD bears while a hold of that resistance may lead to a tumble all the way down to 1.4500 – 1.4600.