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Forex pairs in this Article » GBP/USD
FXstreet.com (Barcelona) - The GBP/USD is bouncing early on Monday but appears to be vulnerable to further declines – so say the technical analysts.

GBP/USD traders to focus on US data Monday

GBP/USD traders will be closely monitoring technical factors and happenings in Washington, DC, but will have plenty of data to react to – including:

• US Non-Farm Productivity data
• US Unit Labor Costs
• US NY Empire State Manufacturing Index
• US Markit Manufacturing PMI
• US Net Long Term TIC Flows
• US Industrial Production & Capacity Utilization

Technical outlook for GBP/USD

At 1.6293, technicians say that GBP/USD is in the midst of a downside correction with anticipated support at the 2nd Fibonacci retracement (of the recent up move) line at 1.6250. The next projected resistance for the cross after this correction runs its course comes in at approximately 1.6600 – but the recent high at 1.6465 will need to be conquered first.
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