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Forex pairs in this Article » GBP/USD (Barcelona) - The GBP/USD cross rallied off of session lows starting at 17:30 GMT but has run squarely into “correction resistance” and is reversing lower.

GBP/USD traders anticipating US political pow-wow at 21:30 GMT

In a very fluid news environment Wednesday, volatility in both directions has been the name of the game for GBP/USD traders. The cross had rallied ferociously until 13:00 GMT but then reversed course and headed lower until the short-term low of 1.6205 was set at 17:30 GMT. Then, the afore-mentioned corrective bounce took place and now we’re seeing an apparent resumption in downside momentum.

Traders are now readying themselves for some evening fireworks out of Washington, D.C. when Obama is set to meet with Congressional leaders.

Technical outlook for GBP/USD

Technicians point to Wednesday’s intraday high of 1.6250 as being the ST resistance level to beat for the GBP/USD bulls. Support for the cross comes in at 1.6205 and is followed up by 1.6152.
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