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Forex pairs in this Article » GBP/USD
FXstreet.com (Barcelona) - GBP/USD tested support at 1.5907 again and managed to hold up above that level into Wednesday’s close. Thus far Thursday, the cross is reacting positively to the successful test of support.

GBP/USD traders get British and US data to help provide direction Thursday

The GBP/USD had to work hard just to hold key "correction support" Wednesday after British employment numbers came in on the disappointing side of the ledger early Wednesday.

GBP/USD traders will get to trade around British retail sales data and weekly jobless claims and the Philly Fed Manufacturing Index out of the US later in the session Thursday.

Technical outlook for GBP/USD

Technicians say that GBP/USD bounced successfully off of key “correction support” at 1.5907. The next two possible supports below that are 1.5884 and 1.5841. Short-term resistance for the cross comes in at horizontal line at 1.6000 and then the 10/8 high at 1.6123. Elliott Wave technicians say GBP/USD is likely in the early stages of wave 5 higher with a projected target of 1.6432.
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