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28 Nov 2013
GBP/USD closes at a new ST high Wednesday and shows no signs of letting up Thursday
FXstreet.com (Barcelona) - The GBP/USD closed above previous resistance at 1.6259 Wednesday and appears to have more gas in the tank for more of a run. No US data Thursday will have traders focused on British headlines later.
GBP/USD traders to react to British data and technicals on Wednesday
With the US celebrating the Thanksgiving holiday Thursday, GBP/USD traders will have to get all their direction from the technicals and from the British Financial Stability Report due out later on Thursday.
Technical outlook for GBP/USD
Technicians say that GBP/USD has conquered the 10/23 intraday high at 1.6259 – which was widely viewed by technicians as the last line in the sand for the bears. Next resistance or projected target comes in at 1.6369 which is an Elliott Wave projection. Support on pullbacks starts at Monday’s low at 1.6132 and is backed up by last week’s low of 1.6058.
GBP/USD traders to react to British data and technicals on Wednesday
With the US celebrating the Thanksgiving holiday Thursday, GBP/USD traders will have to get all their direction from the technicals and from the British Financial Stability Report due out later on Thursday.
Technical outlook for GBP/USD
Technicians say that GBP/USD has conquered the 10/23 intraday high at 1.6259 – which was widely viewed by technicians as the last line in the sand for the bears. Next resistance or projected target comes in at 1.6369 which is an Elliott Wave projection. Support on pullbacks starts at Monday’s low at 1.6132 and is backed up by last week’s low of 1.6058.