The GBPUSD maintained a strong bullish momentum last week, and reached as high as 1.5573, closed at 1.5505 levels, recent development leaves the pair targeting the 1.5530 levels, a halt is suggested as seen last week, but a breach will have large bullish implication towards 1.5750 levels.
On the downside, support is at 1.5434 levels, main support comes at 1.5204, so as long as this level holds on a daily closing basis, the pair will remain biased to the upside towards 1.5530 ahead of 1.5750 levels, losing 1.5204 would delay/weaken the last bullish run, last support comes at 1.5078, below this level will bring a free fall towards the 1.4813 levels.
Support and resistance levels: 1.4813, 1.5078 , 1.5204 ,1.5240, 1.5355 , 1.5435, 1.5530 , 15675, 1.5750.
Trend Status (daily chart):
Bullish: above 1.5435
Sideways (bullish): above 1.5204
Sideways (bearish) :above 1.5078
Bearish: below: 1.5078
Key data/events which may influence Cable next week:
- UK PPI & CPI
- US Retail Sales
- US PPI
- UK Retail Sales
- US CPI
- US Unemployment Claims
- US Housing Starts & Building Permits
- US Univ. of Michigan Aug Consumer Sentiment.