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Forex pairs in this Article » GBP/USD (Barcelona) - The GBP/USD had a huge trading range Thursday as the BOE news and the US GDP news created violent cross-currents for traders to manage.

GBP/USD traders waiting on British Trade Balance and US NFP data to determine direction

After one of the wilder trading sessions in recent memory where the swings in either direction could have made or broke traders if their risk was not managed properly – just about anything would seem tame in comparison Friday for GBP/USD traders.

The action will heat up in the European session when British Trade Balance data is released and pick up steam later with the US non-farm payrolls data and will wrap up with the University of Michigan Consumer Confidence Survey.

Technical outlook for GBP/USD

Technicians say that GBP/USD is in the midst of a “b” wave higher of an “abc” correction lower on the five minute chart. The ceiling for this “b” wave should be 1.6105 and the target on the downside for the “c” wave lower should be 1.6063.
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