The GBPUSD maintained a bearish momentum last week, topped at the 1.5611, bottomed at the 1.5426, pressure now will be on the 1.5426. The GBPUSD will have to hold below the 1.5426 levels on a weekly closing basis to push the market for further downside losses, If seen, It will target the 1.5102 levels where a breach will turn the focus on the 1.4800 levels.
Alternatively, a failure to hold below the 1.5426 levels could mean a return to the 1.5611, a break will look for the 1.5716/50 levels, above 1.5750 will have large bullish implication towards the 1.5850/1.6150 levels.
On the daily chart, the pair is under pressure, support is at 1.5422, a break would open 1.5204, a further downside will aim the 1.5101/1.5078 levels.
On the upside, resistance is at 1.5573, a sustained break above this level will build a pressure on the 1.5715/750 levels, furthermore will aim the 1.5850 ahead of the 1.5900.
Support and resistance levels: 1.4813, 1.5078 , 1.5101 , 1.5204 ,1.5240, 1.5355 , 1.5422, 1.5575 , 15675,1.5716, 1.5750, 1.5810, 1.5880, 1.6090 .
Trend Strength (daily chart):
Bullish: above 1.5750
Neutral: below 1.5750
Bearish: below 1.5422
Live Chart Of GBPUSD
Key data/events which may influence GBPUSD this week:
- UK – Manufacturing PMI, Monday : 8:30 am
- UK – Construction PMI – Tuesday : 8:30 am
- US – ISM Manufacturing PMI, Tuesday : 2:00 pm
- UK – Services PMI, Wednesday : 8:30 am
- US – Trade Balance, Wednesday : 12:30 pm
- UK – Asset Purchase Facility, Thursday : 11:00 am
- UK – Official Bank Rate, Thursday : 11:00 am
- UK – Interest Rate Statement, Thursday: all day
- US – ADP Non-Farm Employment Change, Thursday, 12:15 pm
- US – Unemployment Claims, Thursday 12:30 pm
- US – ISM Non-Manufacturing PMI, Thursday : 2:00 pm
- UK – Manufacturing Production m/m ,Friday : 8:30 am
- US – Non-Farm Payrolls, Friday, 12:30 pm
- US – Unemployment Rate, Friday, 12:30 pm
All times are GMT.
GBPUSD Weekly Chart