GBPUSD Weekly Forecast Mar 17 2014


Despite hesitation last week , outlook in GBPUSD remains on the upside as long as 1.6582 holds on a weekly closing basis , resistance comes at the 1.6767 levels , sustained trading – weekly closing – above the 1.6767 levels in needed to resume the upside offensive , If seen ,the pair will target the 1.6900 levels where a breach will turn focus on the 1.7000/1.7100 levels , further out will aim the 1.7300 levels.

On the downside , stability below the 1.6767 levels could mean a return to the 1.6582 levels (as seen last week) , a halt is likely , but sustained trading – weekly closing – below the 1.6582 levels will confirm short term topping at the 1.6821 levels and open the 1.6440/1.6382 levels before the next possible rise.

In all , as long as support 1.6582 holds on a weekly basis , the GBPUSD will remain based to the upside with risk towards the 1.6900/1.7100 levels , losing the 1.6582 levels will turn outlook neutral and bring consolidations above the 1.6382 levels before the next rise, a clear break below the 1.6382 levels will reverse risks towards the 1.6000 levels..


GBPUSD Weekly Forecast Mar 17 2014