GBPUSD – Weekly Forecast 22-26 Jul 2013


The GBPUSD continued to maintain its bullish momentum last week, bottomed at 1.5027 and topped at 1.5281, the weekly close above 1.5221 levels opens the way towards 1.5303 ahead of 1.5475 then 1.5750 levels, a daily close above 1.5303 will advance the pair towards 1.5475 levels.

On the downside, support is 1.5027 followed by 1.4813 levels, note that the weekly close above 1.5221 confirmed bottoming at  1.4813 levels, to reverse risks to the downside, the pair needs to hold, below the 1.4813 levels on a weekly closing basis,otherwise the risk will remain to the upside towards 1.5750 levels in medium-term outlook .blank

Here are the most important events for GBPUSD pair next week:

Monday, July 22

The U.S. will release data on existing home sales, an important economic indicator.

Tuesday, July 23

The U.K. will release a report on mortgage approvals, an important indicator of demand in the housing sector.

Wednesday, July 24

The U.K. will release data on industrial order expectations, an important economic indicator.

The U.S. will release official data on new home sales, a leading indicator of economic health.

Thursday, July 25

The U.K. will publish data on the second quarter gross domestic product, the broadest indicator of economic activity and the leading measure of the economy’s health.

The U.S. will release government data on durable goods orders, a leading indicator of production, as well as the weekly government report on initial jobless claims.

Friday, July 26

The U.S. will end the week with revised data on consumer sentiment from the University of Michigan.