21 Aug 2013
GBP/USD grinding sideways ahead of big data day Wednesday
FXstreet.com (Barcelona) - GBP/USD is sitting just below the flat line in early Wednesday trading as it awaits several data points from England in a few hours and the FOMC minutes later in the morning.
British data and FOMC minutes to drive the action Wednesday
British data on Wednesday will include Public Sector Net Borrowing, Industrial Orders and Mortgage Approvals. None of those data points are particularly critical, but the recent light data flow will puts extra emphasis on this information in traders’ eyes. Later in the day Wednesday, all eyes will be on the release of the US FOMC meeting minutes.
Technical outlook for GBP/USD
Technicians say that GBP/USD may still run up to 1.5738 before topping out. However, there is a technical contingent that feels GBP/USD has already topped and is now headed down towards the ultimate target of 1.4551. Shorter-term support comes into play at the 1.5600 (previous resistance) and then 1.5422 (the 8/14 pivot low).
British data and FOMC minutes to drive the action Wednesday
British data on Wednesday will include Public Sector Net Borrowing, Industrial Orders and Mortgage Approvals. None of those data points are particularly critical, but the recent light data flow will puts extra emphasis on this information in traders’ eyes. Later in the day Wednesday, all eyes will be on the release of the US FOMC meeting minutes.
Technical outlook for GBP/USD
Technicians say that GBP/USD may still run up to 1.5738 before topping out. However, there is a technical contingent that feels GBP/USD has already topped and is now headed down towards the ultimate target of 1.4551. Shorter-term support comes into play at the 1.5600 (previous resistance) and then 1.5422 (the 8/14 pivot low).