GBPUSD – Weekly Forecast 12-16 Aug 2013

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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.

Live Chart of GBPUSD


 

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