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4 Nov 2013
GBP/USD opens the week higher – slightly working off extreme short-term oversold condition
FXstreet.com (Barcelona) - The GBP/USD appears to be nearing the end of its first wave lower after peaking on 10/22 at 162.56.
GBP/USD traders looking to data from both Britain and the US Monday
Early Monday’s session, GBP/USD traders will be reacting to British Construction PMI for October. Later in the session, there will be Fed Head speeches, the US ISM New York Index and US Factory Order data for traders to digest.
Technical outlook for GBP/USD
Technicians say that GBP/USD has its next support below the recent low of 1.5907 comes in at the Elliott Wave projected range of 1.5870 to 1.5890. Resistance comes in at the Fibonacci retracement levels of 1.5946 and 1.5969.
GBP/USD traders looking to data from both Britain and the US Monday
Early Monday’s session, GBP/USD traders will be reacting to British Construction PMI for October. Later in the session, there will be Fed Head speeches, the US ISM New York Index and US Factory Order data for traders to digest.
Technical outlook for GBP/USD
Technicians say that GBP/USD has its next support below the recent low of 1.5907 comes in at the Elliott Wave projected range of 1.5870 to 1.5890. Resistance comes in at the Fibonacci retracement levels of 1.5946 and 1.5969.