GBPUSD Weekly Forecast Mar 31 2014


The GBPUSD maintained a bullish momentum last week , bottomed at the 1.6475 levels and topped the 1.6650 levels , note that the pair rebounded strongly above the key support 1.6382 as suggested few weeks ago . As a result , outlook in GBPUSD returns  – cautiously  – to the upside -, a clear break above the 1.6650 levels will confirm bottoming at the 1.6475 levels , If seen , the pair will recapture the 1.6754 levels , sustained trading above the 1.6754 levels will open 1.6821 levels ahead of the 1.6900 levels , further upside will aim the 1.7070 levels.

On the downside , a failure to hold above the 1.6650 levels could mean a return to the 1.6567 levels , a clear break would open main support at the 1.6475 levels , further downside will aim the 1.6382 levels , If this important support is gone , expect the pair to weaken further towards the 1.6132/1.6050 levels….

In all , the GBPUSD is likely to consolidate within 1.6382/1.6821 levels before the next move……….


GBPUSD Weekly Forecast Mar 31 2014