FX:GBPUSD British Pound/U.S. Dollar
Positive economic data from UK have fueled the bulls in this pair and as not exciting US data dwarfed expectations for a taper the british pound rallied considerably in the last few days. By looking at the and the pound seems to be overbought and although the is still in a uptrend this pair may need a healthy retracement. This idea is supported by the fact that GBPUSD touched the soft target of 1.5880 that could offer some resistance. I expect this pair to bounce back and the first target I see is 1.5750 and the next is 1.5650. Anyway ahead of Wednesday is recommended not to enter heavy in your positions and keep nimble.