GBP/USD faltering for a second day ahead of big news flow Thursday

FXstreet.com (Barcelona) - GBP/USD is trading down once again as strength in the US Dollar weighed down the cross after FOMC meeting minutes failed to clearly hint at further tapering delays.

Heavy US data flow and news out of Jackson Hole to drive trading

Wednesday’s release of the FOMC’s policy meeting minutes served to pull down the GBP/USD cross (due to Dollar strength). The weakness in the cross will need to be followed by more downside action before any technical damage is done, however.

On Thursday, the world will be watching:

• Weekly US jobless claims
• US PMI
• US Housing prices
• US Leading indicator
• KC Fed Manufacturing Activity
• US Treasury Secretary Lew speech
• Any comments coming out of the Jackson Hole Symposium

Technical outlook for GBP/USD

Technicians are now feeling more confident that GBP/USD has already topped and is now headed down towards the ultimate target of 1.4551. Shorter-term support comes into play at the 1.5600 (previous resistance) and then 1.5422 (the 8/14 pivot low). Key resistance for GBP/USD comes in at the Fibonacci projection at 1.5783.