GBPUSD Weekly Forecast May 05 2014

Pound-Dollar-7676-ert

The GBPUSD continued its bullish momentum last week , bottomed at the 1.6776 levels and topped at the 1.6918 levels , as a result ; outlook in GBPUSD remains on the upside , break of 1.6918 would open 1.7045 next , further upside will aim the 1.7190 levels.

On the downside , support comes at the 1.6776 levels ahead of 1.6563 ( main ) , stability above support will keep the bullish momentum intact , however ; losing the 1.6563 levels on a weekly closing basis is needed to signal short topping and open 1.6458/1.6382 levels before the next possible rise.

In all , as long as support 1.6776/1.6563 holds on a weekly closing basis , outlook in GBPUSD remains on the upside with risk towards the 1.7045 levels ahead of the 1.7200 levels , below 1.6563 will reverse risks towards theĀ 1.6458/1.6382 levels.

 

GBPUSD Weekly Forecast May 05 2014

MARKET DATA

UPCOMING ECONOMIC EVENTS