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Forex pairs in this Article » GBP/USD (Barcelona) - GBP/USD bounced modestly Thursday after key bearish reversal Wednesday. Elliott Wave theorists say one more shot lower may be in the cards.

GBP/USD to react to data for the rest of the session

Thursday, GBP/USD traders will be reacting to Q3 GDP figures for Britain and Durable Goods and the University of Michigan Consumer Sentiment Survey out of the US.

Technical outlook for GBP/USD

Technicians say that GBP/USD must take out short-term resistance at 1.6259 to open things up to the upside. Elliott Wave technicians say GBP/USD is likely in a counter-trend pullback as part of wave 5 higher with a projected target of 1.6432. Elliott Wave support comes in at the Fibonacci retracement of 1.6085.
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