GBP/USD seeing very modest upside following big up day Thursday; first resistance at 1.6231

FXstreet.com (Barcelona) - GBP/USD looks like it wants to go higher, but its first hurdle actually comes in at the range of 1.6231 – 1.6259. Data this week from the US and Britain can easily make or break the GBP/USD this week.

GBP/USD movements to be driven by key data points this week
Traders in GDP/USD will be keeping one eye on the technicals as short-term resistance looms. However, along with the influence from the technical arena, fundamental / economic data points are due out from both Britain and the US including:

• Monday – US Conference Board Leading Indicators; US Existing Home Sales
• Tuesday – British Public Sector Net Borrowing; US September Employment Report;
• Wednesday – Bank of England monthly policy meeting minutes; British Mortgage Approvals; US Monthly Mortgage Apps; US Export Price Index; US Housing Price Index
• Thursday – Bank of England’s Governor Carney speech; US Weekly Jobless Claims; US Manufacturing PMI; US New Home Sales
• Friday – British GDP; US Durable Goods; US University of Michigan Consumer Sentiment Survey

Technical outlook for GBP/USD

Technicians say that GBP/USD must take out short-term resistance at 1.6231 - 1.6259 to open things up to the upside. Elliott Wave technicians say GBP/USD is likely in the midst of wave 5 higher with a projected target of 1.6432. Support comes in at the 10/8 peak at 1.6123 and then down at the horizontal line at 1.6000.