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2 Oct 2013
GBP/USD posts bearish long-tailed candle Tuesday – possibly signaling a short-term top
FXstreet.com (Barcelona) - The GBP/USD cross reversed lower in noticeable fashion Tuesday as the greenback found some strength after hitting some short-term downside targets of its own.
GBP/USD traders waiting on data and to see if the Dollar rally has legs
Whether the GBP/USD stays weak or not will depend heavily on whether the greenbacks Tuesday rally has legs or not. The answer to that will become apparent when we see if the 80.25 resistance level for the DXY holds up or not.
Wednesday, traders will be monitoring the ISM New York Index, the ADP Employment Report and US Construction Spending. Additionally, the world will be watching Ben Bernanke as he delivers a speech later in the US session.
Technical outlook for GBP/USD
Technicians point to Tuesday’s intraday high of 1.5295 as being the short-term resistance level to beat for the GBP/USD bulls. Support for the cross comes in at 1.6139 and is followed up by 1.6113 and 1.6097 – all three levels being Fibonacci projection lines.
GBP/USD traders waiting on data and to see if the Dollar rally has legs
Whether the GBP/USD stays weak or not will depend heavily on whether the greenbacks Tuesday rally has legs or not. The answer to that will become apparent when we see if the 80.25 resistance level for the DXY holds up or not.
Wednesday, traders will be monitoring the ISM New York Index, the ADP Employment Report and US Construction Spending. Additionally, the world will be watching Ben Bernanke as he delivers a speech later in the US session.
Technical outlook for GBP/USD
Technicians point to Tuesday’s intraday high of 1.5295 as being the short-term resistance level to beat for the GBP/USD bulls. Support for the cross comes in at 1.6139 and is followed up by 1.6113 and 1.6097 – all three levels being Fibonacci projection lines.