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Forex pairs in this Article » GBP/USD (Barcelona) - GBP/USD rallied from 1.6080 to just about 1.6120 in the first 75 minutes following the Yellen appointment news. However, since midnight GMT, GBP/USD has done nothing but go down – so much so that all of the Yellen gains were given up and then some.

GBP/USD traders to focus on DC and British data Wednesday

GBP/USD traders will have to continue to stay on their toes as the headlines out of Washington continue to flow in. However, data points out of Britain later today also have the potential to influence the near-term direction of the GBP/USD – including: BOE Credit Conditions; British Industrial Production; British Manufacturing Production; British Trade Balance; and, the British GDP estimate.

Technical outlook for GBP/USD

GBP/USD traded down viciously recently, but fell short of touching extended third wave projected support at 1.5999. Below that level comes 1.5954. Resistance for the cross comes in at the 9/18 high at 1.6162.
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