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Forex pairs in this Article » GBP/USD (Barcelona) - The GBP/USD is threatening a break of support on continued thoughts of QE-tapering. Very big British data due out later Wednesday likely to control the action.

GBP/USD traders waiting on British data later Wednesday

In several hours, GBP/USD traders will get to trade off of British Unemployment data, British earnings data and the Bank of England’s Quarterly Inflation Report. Additionally, BOE Governor Carney will be speaking publicly – which could absolutely push the GBP/USD around.

Technical outlook for GBP/USD

Technicians say that GBP/USD is picking up momentum on the downside with 1.5803 as the next major support level. If that level is violated, 1.5685 and 1.5612 – both Fibonacci projections – would be next up. Resistance for the cross comes in at the previous support at 1.5902 with 1.6000 backing that up.
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