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27 Aug 2013
GBP/USD rebounds as money flows from the US Dollar short-term
FXstreet.com (Barcelona) - GBP/USD has rebounded sharply off the 1.5561 lows from 02:00 GMT Tuesday and is now hovering at 1.558 – still below pivot resistance at 1.5591.
GBP/USD traders will rely on US data once again Tuesday
GBP/USD traders will be closely monitoring the US S&P Case Schiller Home Price Index, US Consumer Confidence numbers and the US Richmond Fed Manufacturing Index on Tuesday for clues as to the near-term direction of the cross. There is no British data due out until the BOE’s Governor Carney speaks before Parliament.
Technical outlook for GBP/USD
Technicians are still calling for GBP/USD to move down towards the ultimate target of 1.4551. They note that only a close above 1.5738 will force them to reconsider this bearish outlook. Shorter-term support comes into play at 1.5422 (the 8/14 pivot low).
GBP/USD traders will rely on US data once again Tuesday
GBP/USD traders will be closely monitoring the US S&P Case Schiller Home Price Index, US Consumer Confidence numbers and the US Richmond Fed Manufacturing Index on Tuesday for clues as to the near-term direction of the cross. There is no British data due out until the BOE’s Governor Carney speaks before Parliament.
Technical outlook for GBP/USD
Technicians are still calling for GBP/USD to move down towards the ultimate target of 1.4551. They note that only a close above 1.5738 will force them to reconsider this bearish outlook. Shorter-term support comes into play at 1.5422 (the 8/14 pivot low).