GBPUSD Weekly Forecast Feb 23 2015

Uk min
Uk min

Outlook in GBPUSD remains neutral at the moment , the pair is in recovery mode in medium term outlook , support comes at the 1.5351 levels ahead of the 1.5222 levels (main) , resistance comes at the 1.5539 levels . At this point I’d expect strong resistance from the 1.5339 levels to limit rise from 1.4950 and bring fall resumption , however ; sustained breakout – weekly closing – above the 1.5539 levels will extend recovery towards the 1.5785 /1.5941 levels before the next fall..

On the downside , support comes at the 1.5351 levels , sustained breakout below this level should weaken the current bullish run and open main support at the 1.5222 levels before the next rise , however , a clear break – weekly closing – below the 1.5222 levels will end recovery mode and bring a lower leg below the 1.4950 levels ..

In all , as long as 1.5222/1.5351 support holds on a weekly closing basis , the GBPUSD remains in recovery mode and further upside couldn’t be ruled out towards the 1.5539 levels before the next possible fall,  a clear break – weekly closing – below the 1.5222 levels will end recovery mode and bring a lower leg below the 1.4950 levels ..

 

GBPUSD Weekly Forecast Feb 23 2015

MARKET DATA

UPCOMING ECONOMIC EVENTS