The GBPUSD continued its bullish momentum last week, topped at the 1.5716 levels, but the pair loses some of its upside momenta, support is at the 1.5546 levels, a halt is suggested, but losing this level will open the way towards the main support 1.5422 levels, below this level will flip bias back to the downside towards the 1.5204 levels.
On the upside, stability above the 1.5422/546 levels could mean a return to the 1.5716 levels, above 1.5716 will have large bullish implication towards the 1.5800/50 ahead 1.5900 levels. note that on the 4-hour chart, the pair loses some of its downside momentum. Resistance is at 1.5661, a sustained break above this level will open 1.5800/900 levels.
On the weekly chart, as long as 1.5422 holds on a weekly closing basis, a sudden rise towards the 1.6000 levels couldn’t be ruled out, losing the 1.5422 level will confirm short term topping and flip bias back to the downside towards the 1.5200/100 levels.
Support and resistance levels: 1.4813, 1.5078 , 1.5204 ,1.5240, 1.5355 , 1.5422, 1.5545 , 15675,1.5716, 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 Core Durable Goods Orders m/m, Monday 12:30 pm
- US CB Consumer Confidence, Tuesday 2:00 pm
- UK BOE Gov Carney Speaks, Wednesday 11:45 am
- US Pending Home Sales m/m, Wednesday 2:00 pm
- US Prelim GDP q/q, Thursday, 12:30 pm
- US Unemployment Claims, Thursday 12:30 pm
All times are GMT.
GBPUSD Daily Chart