Despite hesitation , outlook in GBPUSD remains on the downside as long as 1.5009 resistance holds on a daily closing basis , support comes at the 1.4687 levels , sustained breakout below this level will accelerate the expected bearish move and open 1.4550 next , a halt could be seen , but a cut will pave the way towards the 1.4400 levels ahead of the 1.4212 levels.
On the upside , resistance comes at the 1.5009 levels , a halt is strongly suggested , however , a clear break above the 1.5009 levels will open the 1.5162 levels where rejection is also suggested , If 1.5162 fails to hold , further upside towards the 1.5351/1.5428 levels is likely………
In all , as long as 1.5009 resistance holds on a daily closing basis , outlook in GBPUSD remains on the downside towards 1.4687/1.4550 levels , above the 1.5009 levels will reverse risk towards the 1.5162 levels before the next possible fall…
Support and resistance : 1.4212 , 1.4400 , 1.4550 , 1.4687 , 1.5009 , 1.5162 , 1.5351 , 1.5428 , 1.5551
Short term trend : Downward (below 1.5009)..
Medium / long term trend : Downward (below 1.5162)..
Key data (events) which may affect GBPUSD this week :
1- Market remains closed in UK for holidays, Monday…
2- U.S ISM Non-Manufacturing PMI (Mar) . Monday at 14:00
3- U.K Services PMI (Mar) . Tuesday at 08:30
4- FOMC Meeting Minutes . Wednesday at 18:00
5- U.K Trade Balance (Feb) . Thursday at 08:30
6- BoE Interest Rate Decision (Apr). Thursday at 11:00
7- U.S Initial Jobless Claims . Thursday at 12:30
8- U.K Industrial Production (MoM) (Feb) . Friday at 08:30
9- U.K Manufacturing Production (MoM) (Feb). Friday at 08:30
10- U.S Federal Budget Balance (Mar) . Friday at 18:00
* All times are GMT…
Conclusion : Despite hesitation ,short term trend remains bearish and sellers could dominate the pair anytime , On the weekly time frame , resistance comes at the 1.5162 levels , sustained breakout above this levels is needed to signal short term bottoming , otherwise , any rise below 1.5162 is limited and will be followed by sharp decline !!! Anyway ; watch out for news near support and resistance levels ..