GBPUSD – Weekly Forecast 19-23 Aug 2013

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With the key support 1.5422 intact, further  gains towards the 1.5750 couldn’t be ruled out , a clear break above the 1.5750 levels will have large bullish implication towards the 1.6380 levels.

On the downside, losing the 1.5422 levels would weaken the current bullish run and flip bias back towards the 1.5204 levels, the last support level for buyers comes at the 1.5078 levels.

On the weekly chart, the pair has printed a new support at 1.5422 levels, so as long as this level holds on a weekly closing basis , the pair will remain biased to the upside towards 16154 ahead of 1.6380 levels, only losing 1.5422 on a weekly closing basis would confirm short term topping and flip bias back the downside towards the 1.5100 levels, below 1.5100 levels may expose 1.4800 levels.

Support and resistance levels: 1.4813, 1.5078 , 1.5204 ,1.5240, 1.5355 ,  1.5422, 1.5575 , 15675, 1.5750, 1.5810, 1.5880, 1.6090

Trend Strength (daily chart):

Bullish : above 1.5422

Neutral : below 1.5422

Bearish : below 1.5078

Live Chart Of GBPUSD



Key data/events which may influence GBPUSD next week:

  • US Existing Home Sales , Wednesday  2:00 pm
  • US FOMC Meeting Minutes ,Wednesday  6:00 pm
  • US Unemployment Claims ,Thursday 12:30 pm
  • GBP Gross Domestic Product (Q 2) , Friday 8:30 am (Critical)
  • US  New Home Sales , Friday 2:00 pm

All times are GMT

GBPUSD Daily Chart

MARKET DATA

UPCOMING ECONOMIC EVENTS