Weekly outlook in GBPUSD has turned neutral with risk to the downside , resistance comes at the 1.5756 levels , a failure to hold above the 1.5756 levels on a weekly closing basis could mean a return to the 1.5540 levels where a cut will bring a free fall towards the 1.5350 levels , further down will pave the way towards the 1.5150 levels .
On the upside , resistance comes at the 1.5756 levels , break of the 1.5756 levels on a weekly closing basis will put the pair in recovery mode , but recovery above the 1.5756 levels should be limited by the 1.5941 levels , however ; break of the 1.5941 levels on a weekly closing basis will bring limited gains below the 1.6237 levels before the next fall.
In all , as long as 1.5756 resistance holds on a weekly closing basis , outlook in GBPUSD remains on the downside towards the 1.5540 levels ahead of the 1.5350 levels , above 1.5756 levels will bring limited gains towards the 1.5941 levels before the next fall.
Note that a rejection from the 1.5756 levels followed by a cut below the 1.5540 levels will bring a sell-off towards the 1.5000 levels.
Key data/events which may influence GBPUSD next week :
Monday , Dec 15 2014
- US NY Empire State Manufacturing Index (Dec) .
- US Industrial Production (MoM) (Nov) .
- US Treasury International Capital (TIC) Net Long-Term Transactions (Oct).
Tuesday , Dec 16 2014
- BOE Gov Carney Speaks .
- UK Consumer Price Index (CPI) (YoY) (Nov) .
- US Building Permits (Nov) .
- US Housing Starts (MoM) (Nov) .
Wednesday , Dec 17 2014
- UK Average Earnings Index +Bonus (Oct) .
- UK Claimant Count Change (Nov) .
- US Core Consumer Price Index (CPI) (MoM) (Nov).
- US FOMC statement .
- US Fed Interest Rate Decision followed by Fed’s Monetary Policy Statement and press conference .
Thursday , Dec 18 2014
- UK Retail Sales (MoM) (Nov) .
- US Initial Jobless Claims .
- US Services PMI (Dec) .
- US Philadelphia Fed Manufacturing Index (Dec) .