GBPUSD faces a pullback risk below 1.5785 levels!

forex UK min
forex UK min

The GBPUSD continued its bullish momentum last week, reached the first assumed target at the 1.5785 levels. But the pair failed to sustain gains above the 1.5785 levels. At this point, a pullback might be in sight, a failure to hold gains above the 1.5785 levels could mean a return to the 1.5522 levels before the next rise, however; If 1.5522 fails, expect further weakness towards the 1.5088/1.5053 levels before the next rise.

On the upside, sustained breakout-weekly closing- above the 1.5785 levels should target 1.6182 levels, a halt is likely but a break will recapture the 1.6525 levels…

In all, as long as 1.5522 support holds on a weekly closing basis, medium term outlook in GBPUSD remains on the upside towards the 1.5785 levels ahead of the 1.6183 levels, below 1.5522 sees a pullback risk towards the 1.5053/1.5088 levels before the next rise, however; a clear break below 1.5053 will bring consolidation above the 1.4565 levels before the next rise…

GBPUSD faces a pullback risk below 1_5785 levels !

On the daily time frame, Immediate support comes at the 1.5700 levels, a failure to hold below the 1.5700 levels on a daily closing basis, could mean a return to the 1.785 levels, sustained breakout-daily closing- above the 1.5785 levels will recapture the 1.5940 levels, a halt is likely but a breach will target 1.6182 next……

On the downside, support comes at the 1.5700 levels, sustained breakout-daily closing- below the 1.5700 levels will suggest short term topping at the 1.5815 levels and bring corrective pullback above the 1.5522 levels before the next rise…….

In all, as long as 1.5700 support holds on a daily closing basis, outlook in GBPUSD remains on the upside towards the 1.5785 levels ahead of the 1.5940 levels, below 1.5700 sees a pullback risk above the 1.5522 levels before the next rise…

GBPUSD faces a pullback risk below 1_5785 levels !_Daily

 

MARKET DATA

UPCOMING ECONOMIC EVENTS