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Forex pairs in this Article » GBP/USD (Barcelona) - The GBP/USD still looks to technicians to be headed higher eventually, but a short-term overbought condition dictates that pauses / corrections occur before that upside can be realized.

GBP/USD traders to focus solely on British data Tuesday

GBP/USD traders will be closely monitoring the speech scheduled to be given by British Monetary Policy Committee member Dr. Martin Weale during the European session. Later, they will be focused on the release of mortgage application data and the release of the US Monthly Budget Statement.

Additionally, headlines surrounding the budget resolution agreed to by members of the US House of Representatives Tuesday will also be making the rounds. Actually, the real headlines to watch will be whether the Senate signs off on the House’s budget and submits it to President Obama for his final approval.

Technical outlook for GBP/USD

Technicians say that GBP/USD has exceeded their maximum short-term upside target created by Elliott Wave projection at 1.6425. Support below that comes in at 1.6259 (the previous short-term peak) and the 11/25 low of 1.6132. The next projected resistance for the cross comes in at approximately 1.6600 – although the technicians say anything is possible when a breakout such as this occurs.
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