GBPUSD Weekly Forecast Mar 10 2014

Pound-Dollar-7676-ert

Outlook in GBPUSD remains on the upside as long as support 1.6582 holds on a weekly basis , break of 1.6820 will suggest resumption and should target the 1.6900 levels , we might see hesitation , but a clear break above the 1.6900 levels , will pave the way to the 1.7100 levels , more gains will aim the 1.7300 levels.

On the downside , minor support comes at the 1.6680 levels , stability above the 1.6680 will keep the bullish momentum intact , below 1.6680 would open main support on weekly at the 1.6582 levels , this level should contain any downside moves and bring reversal .

In all , as long as support 1.6582 holds on a weekly basis , the GBPUSD will remain based to the upside towards the 1.6900 levels , losing the 1.6582 levels on a weekly basis will signal short term topping ,and reverse risks towards the 1.6382 levels.

In the medium / long term outlook , the pair is bullish , with the key support 1.6582 intact , there’s no resistance but the 1.7300 levels,sustained trading above the 1.6754 on a weekly basis will suggest that rise from 1.6250 is resuming , If seen , sooner or later the pair will target the 1.7300 levels , break of the  1.7300 levels should target the  1.8000 levels.

On the downside , stability below the 1.6754 levels on a weekly basis could mean a return to the 1.6582 levels , losing the 1.6582 levels on a weekly basis would only weaken or delay the bullish move for retesting the 1.6382 levels before attacking 1.7300 levels…To reverse risks to the downside , sustained trading below the 1.6382 levels is needed on  a weekly basis , If seen , the pair would challenge the 1.6000 levels , below 1.6000 will confirm reversal and open 1.5000 levels.

 

GBPUSD Weekly Forecast Mar 10 2014

 

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