GBPUSD Daily Forecast Apr 21 2017

GBPUSD: Outlook Remains Higher Despite Hesitation!

Pound-Dollar-7676-ert

GBPUSD: Outlook Remains Higher Despite Hesitation!

Outlook in GBPUSD remains on the upside as long as 1.2769 support holds on a daily closing basis, immediate resistance comes at the 1.2945 levels, a halt is likely and it may turn lower from here, but a break above that level turn the focus on the 1.3086 levels, further upside, resistance comes at the 1.3246 levels.

On the downside, immediate support comes around 1.2769 levels, a clear break below that level will bring a corrective pullback towards the 1.2615 levels before the next rising If buyers fail to push it higher from here, expect the corrective pullback to extend lower towards the 1.2521/1.2479 levels…

Conclusion: The GBPUSD continues to face upside threats above the 1.2769 levels…

Notes:

  • According to 4-hour timeframe, the pair is in a corrective pullback mode below 1.2844 levels, above that level will accelerate the move to the 1.0945 levels, stability below 1.2844 levels may push it lower towards the 1.2730 levels…
  • Today the focus will be on U.K Retail Sales (MoM) (Mar) at 08:30 GMT…a buying opportunity in sight…

MARKET DATA

UPCOMING ECONOMIC EVENTS