GBPUSD Weekly Forecast Feb 17-21

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The GBPUSD maintained a strong bullish momentum last week. Bottomed at the 1.6382 levels and topped at the 1.6754 levels. Now the pressure will be on the key resistance 1.6754.

The GBPUSD will have to hold above the 1.6754 levels on a weekly closing basis to push the market for further upside gains If seen. It will target the psychological level of 1.7000. A halt is suggested but a breach will call for a run towards the 1.7300 levels.

Alternatively, a failure to hold above 1.6754 levels could mean a return to minor support at the 1.6500 levels before flying towards the 1.7000 levels. Losing the 1.6500 levels will open main support at the 1.6382 levels. Losing this level will signal short topping and open 1.6215 levels, a cut will call for a slide towards the 1.6000 levels.

In all, as long as 1.6382 holds, the GBPUSD is likely to return to its medium-term upside bias with risk towards the 1.7000 levels, losing the 1.6382 levels will reverse risks to the downside towards the 1.6215 ahead of 1.6000 levels.

GBPUSD Weekly Forecast Feb 17-21

MARKET DATA

UPCOMING ECONOMIC EVENTS

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