The GBPUSD continued its bearish momentum last week , topped at the 1.6183 levels , bottomed at the 1.5941 levels and closed at the 1.5987 levels .This week focus will be on BoE Interest Rate Decision (Nov) , let’s focus on the most critical news which may influence GBPUSD pair this week :
Monday Nov 03 2014.
- United States will release data on ISM Manufacturing PMI (Oct) .
Tuesday Nov 04 2014
- UK will release its report on Construction PMI (Oct) .
- United State will release data on Trade Balance (Sep).
Wednesday Nov 05 2014
- UK will release data on Services PMI (Oct).
- USA will end the day with its report on ADP Nonfarm Employment Change (Oct) , later on the day another data will be released on ISM Non-Manufacturing PMI (Oct).
Thursday Nov 06 2014
- UK will release data on Manufacturing Production (MoM) (Sep) , later on the day (BOE)Interest Rate Decision (Nov).
- US will release its weekly report on Initial Jobless Claims.
Friday Nov 07 2014
- United States will release report on Nonfarm Payrolls (Oct) and Unemployment Rate (Oct).
Events will be discussed during the week …..
Technical Outlook :
- Weekly Chart
The GBPUSD continued its bearish momentum last week, printed resistance at the 1.6183 levels .This development leaves the pair targeting the 1.5873 levels , where a cut will open the 1.5785 levels , a halt is likely , but losing the 1.5785 levels will turn focus on the 1.5580 levels, further downside will call for for a fall towards the 1.5360 levels.
On the upside , resistance comes at the 1.5993 levels ahead of the 1.6183 levels (main) , break of the 1.6183 levels on a weekly basis will turn outlook neutral towards the 1.6524 level before the next fall .
In all , as long as resistance 1.5993/1.6183 holds on a weekly closing basis , , outlook in GBPUSD remains on the downside towards the 1.5785 levels ahead of the 1.5580 levels ,sustained trading above the 1.6183 levels will bring rebound towards the 1.6524 levels before the next fall .
Note that stability below 1.5941 levels on a weekly basis , will turn 1.5941 to a strong resistance level , If seen , focus will be on the 1.5350 levels the upcoming weeks.
- Daily Chart
The GBPUSD continued its bearish momentum last Friday , printed resistance on the 1.6010 levels.This development leaves the pair targeting the 1.5873 levels , a halt is likely , but losing the 1.5873 level would open 1.5790 next , further downside will aim the 1.5700 levels.
On the upside , resistance comes at the 1.6010 levels , break of the 1.6010 levels will turn outlook neutral and bring consolidation above the 1.6010 levels , but consolidation above the 1.6010 levels should be limited by 1.6087/1.6183 levels.
In all , as long as resistance 1.6010 holds on a daily closing basis , outlook in GBPUSD remains on the downside towards the 1.5873 levels ahead of the 1.5790 levels , above the 1.6010 levels , It faces a recovery risk towards the 1.6087/1.6183 levels.
Weekly resistance comes at the 1.5993 levels , daily chart resistance comes at the 1.6010 levels , as a result we have strong supply zone at the 1.5993/1.6010 levels , so any rebound should be limited by this level , watch out for news near resistance levels , negative data should keep the pair under pressure .