The GBPUSD traded sideways last week with some bullish momentum , resistance is at the 1.5646 levels, the GBPUSD will have to hold above the 1.5646 levels on a daily closing basis to push the market for further upside gains, If seen, the pair is likely to recapture 1.5717 with a breach , next resistance is at the 1.5750 levels, a breach will target the 1.5810 ahead of the 1.5880 levels, further upside will target the 1.6090 levels.
On the downside , support comes at the 1.5562 levels, losing this level on a daily closing basis will turn focus on the 1.5422 levels, sustained break below the 1.5422 levels will have large bearish implication towards the 1.5204 levels ahead of the 1.5100 levels.
In all , as long as the 1.5562 levels hold on a daily closing basis, the pair will remain biased to the upside with risk towards the 1.5717/750 levels and beyond.
Support and resistance levels: 1.4813, 1.5078 , 1.5101 , 1.5204 ,1.5240, 1.5355 , 1.5422, 1.5562 , 15646,1.5716, 1.5750, 1.5810, 1.5880, 1.6090 .
Trend Strength (daily chart):
Bullish : above 1.5646
Neutral : below 1.5562
Bearish : below 1.5422
Live Chart Of GBPUSD
Key data/events which may influence GBPUSD this week:
- UK – Claimant Count Change . Wednesday , 08:30 am
- UK – Inflation Report Hearings , Thursday : 09:00 am
- US – Unemployment Claims ,Thursday 12:30 pm
- US – Core Retail Sales m/m ,Friday , 12:30 pm
- US – PPI m/m, Friday , 12:30 pm
- US – Retail Sales m/m , Friday , 12:30 pm
- US – Prelim UoM Consumer Sentiment , 01:55 pm
All times are GMT.
GBPUSD Daily Chart