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Forex pairs in this Article » GBP/USD (Barcelona) - The GBP/USD is trading just below key resistance of 1.6259 as we open the new week. Will this week’s data spur on a breakout or lead to a failure at the key level?

GBP/USD traders to react to British and US data on Monday

GBP/USD traders will be monitoring the British housing prices and mortgage approval data due out during the European session Monday. Then, during the US trading hours, US Pending Home sales and the Dallas Fed Manufacturing Index will be released which could also inspire some movement in either direction for the cross.

Technical outlook for GBP/USD

Technicians say that GBP/USD has critical resistance at the 10/23 intraday high at 1.6259 – the last line in the sand for the bears. Above that level, GBP/USD should make a quick run up to 1.6375. Support on any pullback starts at last week’s low of 1.6058 and is followed up by the 11/12 low of 1.5851.
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