GBPUSD: Bullish Tests Key Resistance…
The GBPUSD remains on the upside as long as 1.2780 support holds on a weekly closing basis. Resistance comes around the 1.3150 levels. A halt is likely, but a break would open 1.3550 next, further upside, resistance comes at the 1.3850 levels.
On the downside, support comes at the 1.2780 level. Below 1.2780 sees pullback threats to 1.2500 levels before another rising…
In conclusion: The GBPUSD sees upside threats above 1.2780 level in the medium-term forecast.
Support: 1.2780, 1.2500, 1.2315, 1.2075
Resistance: 1.3150, 1.3500, 1.3850, 1.4200
Key data/events which may affect GBPUSD this week:
- U.K Average Earnings Index +Bonus (Jun) on Tuesday at 08:30 GMT.
- U.K Claimant Count Change (Jul) on Tuesday at 08:30 GMT.
- U.S PPI (MoM) (Jul) on Tuesday at 12:30 GMT.
- U.S CPI/Core CPI (MoM) (Jul) on Wednesday at 12:30 GMT.
- U.K GDP (QoQ) (Q2) on Wednesday at 06:00 GMT.
- U.K Manufacturing Production (MoM) (Jun) on Wednesday at 06:00 GMT.
- U.S Initial Jobless Claims on Thursday at 12:30 GMT.
- U.S (Core) Retail Sales (MoM) (Jul) on Friday at 12:30 GMT.