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Forex pairs in this Article » GBP/USD (Barcelona) - The GBP/USD hit one possible resistance level Monday – a level created by Elliott Wave measuring techniques for what the EW’ers call an “Expanding Flat” correction.

GBP/USD traders to be working off technicals and US leaders’ speeches Tuesday

The GBP/USD traders won’t have any data off of which they can trade until the US session – and even then the data will be light. Only a couple of speeches by US Treasury Secretary Lew and FOMC Governor Evans might be generating any market-moving headlines Tuesday.

Technical outlook for GBP/USD

Technicians say that GBP/USD tested its next possible upside ceiling at 1.6166. That level was generated by Elliott Wave Technicians theorizing that an “Expanding Flat” correction may have been forming recently and that the peak over the last 24 hours was the final step in that upside correction. If they care correct, the next move for GBP/USD may be a decent move to the downside with targets all the way down at 1.5838. Additional resistance comes in at the closing high from 10/22 at 1.6233. Shorter-term support comes in at last Thursday’s low of 1.5987.
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