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Forex pairs in this Article » GBP/USD (Barcelona) - GBP/USD traders are readying themselves for a wild ride Wednesday as British inflation data and more DC pressures are sure to send the cross whipping all over the place again.

GBP/USD traders get British CPI in the next few hours with big US data later on Wednesday

The GBP/USD may finally react to something other than the goings on in Washington (although that will certainly be top of mind for traders). The British inflation data – set to be released at 08:30 GMT – certainly has the potential to move the GBP/USD. Later in the day, during the US session, traders will be reacting to US TIC Flows, the US NAHB Housing Market Index and the US Fed Beige Book Survey later in the session – the latter two of which really have the potential to move the GBP/USD..

Technical outlook for GBP/USD

Technicians say that GBP/USD looks like it may be headed down to 1.5950 before any meaningful upside can occur again. Elliott Wave technicians say GBP/USD is likely in the early stages of wave 5 higher with a projected target of 1.6432.
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