GBPUSD Weekly Forecast Aug 04 2014

Pound-Dollar-7676-ert

Weekly Outlook in GBPUSD remains neutral with risk to the downside this week as long as resistance 1.7035/1.7190  holds on a weekly closing  basis , support comes at the 1.6692/1.6737 levels , we might see hesitation around this level , but further losses will open up the 1.6563 levels , ahead of the 1.6458/1.6382/1.6251 levels before the next strong rise……

On the upside , resistance comes at the 1.7035 levels , sustained trading – weekly closing – above this level should weaken the current bearish run for retesting main resistance at the 1.7190 levels , If this important resistance is taken out , expect the pair to strengthen further towards the 1.7500 levels………

In all , as long as resistance 1.7035/1.7190  holds on a weekly closing  basis , outlook in GBPUSD remains on the downside towards  the 1.6692/1.6737 levels , above the 1.7035/1.7190 levels will reverse risks towards the 1.7500 levels…

In the long/medium term forecast , the first assumed target of 1.6251/1.6990 run was achieved at the 127.2 % Fibonacci  extension at the  1.7190 levels , few weeks ago……….

As a result ; as long as support 1.6251 holds on a weekly closing basis , outlook remains bullish and a higher leg above the 1.7190 levels is suggested the upcoming weeks , but losing the 1.6251 levels on a weekly closing basis will invalid the bullish view and turn outlook from bullish to bearish in the medium/long term forecast , If seen , a long term resistance at the 1.7190 levels will be confirmed  and next support would be at the  1.5853 /1.5422 levels…..

GBPUSD Weekly Forecast Aug 04 2014

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