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15 Aug 2013
GBP/USD running towards upside targets starting at 1.5623?
FXstreet.com (Barcelona) - GBP/USD back on the rise after holding the 38.23% Fibonacci support at 1.5432 on Tuesday and Wednesday.
British retail sales and a batch of US data will drive the action Thursday
British retail sales data will be released at 08:30 GMT and the following US data points will be released later in the session Thursday:
• Monthly CPI data;
• Weekly Jobless Claims;
• TIC Flows;
• Industrial Production / Capacity Utilization; and,
• the US Philadelphia Fed Manufacturing Survey
Ahead of the data, GBP/USD is at 1.5518 and appears to be rallying towards projected targets starting at 1.5623 and ranging all the way up to recent highs near 1.5750.
Technical outlook for GBP/USD
Technicians are still holding onto an intermediate-term downside target at 1.4831, but now acknowledge that GBP/USD will first likely run up to 1.5738 before making the big downside move. Shorter-term resistance comes in at Friday’s peak of 1.5573 and is followed by the May 3rd peak at 1.5601 while short-term support comes in at the 38.2% Fibonacci retracement of the 8/7 – 8/8 move higher at 1.5422.
British retail sales and a batch of US data will drive the action Thursday
British retail sales data will be released at 08:30 GMT and the following US data points will be released later in the session Thursday:
• Monthly CPI data;
• Weekly Jobless Claims;
• TIC Flows;
• Industrial Production / Capacity Utilization; and,
• the US Philadelphia Fed Manufacturing Survey
Ahead of the data, GBP/USD is at 1.5518 and appears to be rallying towards projected targets starting at 1.5623 and ranging all the way up to recent highs near 1.5750.
Technical outlook for GBP/USD
Technicians are still holding onto an intermediate-term downside target at 1.4831, but now acknowledge that GBP/USD will first likely run up to 1.5738 before making the big downside move. Shorter-term resistance comes in at Friday’s peak of 1.5573 and is followed by the May 3rd peak at 1.5601 while short-term support comes in at the 38.2% Fibonacci retracement of the 8/7 – 8/8 move higher at 1.5422.