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18 Sep 2013
GBP/USD holding below the flat line ahead of BOE minutes and FOMC fun
FXstreet.com (Barcelona) - GBP/USD traders will be focused Wednesday on central bank news flow out of both England and the US.
GBP/USD traders will have plenty of news and data to digest Wednesday
The GBP/USD treaded water Tuesday on lighter-than-expected inflation data out of Britain and lower-than-expected inflation data out of the US later in the day.
Traders and analysts who play in the GBP/USD arena will begin their big day at 08:30 GMT when the Bank of England’s policy meeting minutes are scheduled to be released. Then at 12:30 GMT, US building permits and housing starts data are due out. Last but certainly not least, the FOMC rate decision, commentary and announcement regarding their tapering plans will be released at 18:00 GMT.
Technical outlook for GBP/USD
Technicians say the GBP/USD may be in the early stages of a modest correction. Tim Thielen, CMT and author of the Sea Change Report, noted in his most recent report for FX Street that GBP/USD may have just completed a wave ((iii)) higher just below 1.6000 and that a wave ((iv)) pullback could, based on Fibonacci retracement lines, pull back to 1.5384 from around 1.5900 currently. However, the higher likelihood support level will be at 1.54943 (the 50% retrace of the wave ((iii)) rally).
GBP/USD traders will have plenty of news and data to digest Wednesday
The GBP/USD treaded water Tuesday on lighter-than-expected inflation data out of Britain and lower-than-expected inflation data out of the US later in the day.
Traders and analysts who play in the GBP/USD arena will begin their big day at 08:30 GMT when the Bank of England’s policy meeting minutes are scheduled to be released. Then at 12:30 GMT, US building permits and housing starts data are due out. Last but certainly not least, the FOMC rate decision, commentary and announcement regarding their tapering plans will be released at 18:00 GMT.
Technical outlook for GBP/USD
Technicians say the GBP/USD may be in the early stages of a modest correction. Tim Thielen, CMT and author of the Sea Change Report, noted in his most recent report for FX Street that GBP/USD may have just completed a wave ((iii)) higher just below 1.6000 and that a wave ((iv)) pullback could, based on Fibonacci retracement lines, pull back to 1.5384 from around 1.5900 currently. However, the higher likelihood support level will be at 1.54943 (the 50% retrace of the wave ((iii)) rally).