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1 Nov 2013
GBP/USD still hovering above short-term support at 1.6008; more downside expected
FXstreet.com (Barcelona) - GBP/USD has been grinding through what appears to be a fourth wave correction since hitting a short-term low. This should only be a limited bounce according to technicians.
GBP/USD to react to British and US data later in the session
For the rest of the Friday session, GBP/USD traders will be reacting to British PMI data during the European session and several Fed Head speeches and US ISM Manufacturing PMI during US hours.
Technical outlook for GBP/USD
Technicians say that GBP/USD hit a downside third wave target at 1.6008. A bounce potentially up to 1.6086 could occur as long as 1.6008 is not violated on a closing basis. Additional horizontal line resistance comes in at 1.6119 (the 10/23 low) and additional support comes in at the Elliott Wave projection at 1.5949.
GBP/USD to react to British and US data later in the session
For the rest of the Friday session, GBP/USD traders will be reacting to British PMI data during the European session and several Fed Head speeches and US ISM Manufacturing PMI during US hours.
Technical outlook for GBP/USD
Technicians say that GBP/USD hit a downside third wave target at 1.6008. A bounce potentially up to 1.6086 could occur as long as 1.6008 is not violated on a closing basis. Additional horizontal line resistance comes in at 1.6119 (the 10/23 low) and additional support comes in at the Elliott Wave projection at 1.5949.