GBPUSD Weekly Forecast Nov 10 2014

Outlook in GBPUSD remains on the downside as long as resistance 1.5941 holds on a weekly closing basis , support comes at the 1.5789 levels , a cut will continue losses towards the 1.5580 levels , further losses will aim the 1.5360 levels.

On the upside , resistance comes at the 1.5941 levels , sustained trading – weekly closing – above the 1.5941 will turn outlook neutral for retesting the 1.6125/1.6183 levels before the next fall. However ; a clear beak above the 1.6183 will extend recovery towards the 1.6414/1.6524 levels.

In all , as long as resistance 1.5941 holds on a weekly closing basis , outlook in GBPUSD remains on the downside towards the 1.5580 levels ahead of the 1.5360 levels ,a clear break  above the 1.5941 levels will bring rebound towards the 1.6125/ 1.6183 levels before the next fall.

Let’s take a quick look at key events which may influence GBPUSD pair next week :

  • UK Average Earnings Index +Bonus (Sep) , Wednesday at 09:30 .The Average Earnings Index measures change in the price businesses and the government pay for labor, including bonuses. The Average Earnings figure gives us a good indication of personal income growth during the given month.Last read was 0.7% , Forecast 0.9% . Market Impact :A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.
  • UK Claimant Count Change (Oct) , Wednesday at 09:30 .Claimant Count Change measures the change in the number of unemployed people in the U.K. during the reported month. A rising trend indicates weakness in the labor market, which has a trickle-down effect on consumer spending and economic growth.Last read was -18.6 K , Forecast is -24.9 K. Market Impact : A higher than expected reading should be taken as negative/bearish for the GBP, while lower than expected reading should be taken as positive/bullish for the GBP.
  • US Initial Jobless Claims , Thursday at 13:30 .Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week. Last read was 278K , Forecast is 280K . Market Impact: A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.
  • US Retail Sales (MoM) (Oct) , Friday at 13:30 .Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity. Last read was -0.3% , Forecast is 0.2% . Market Impact :A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
  • US Michigan Consumer Sentiment (Nov) , Friday at 14:55 .The University of Michigan Consumer Sentiment Index rates the relative level of current and future economic conditions. There are two versions of this data released two weeks apart, preliminary and revised. The preliminary data tends to have a greater impact. The reading is compiled from a survey of around 500 consumers.Last read was 86.9 , Forecast is 87.5 . Market Impact:A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

*All times are GMT

Conclusion : Watch out for news near support and resistance levels, 1.5941 , 1.5789.

 

GBPUSD Weekly Forecast Nov 10 2014

MARKET DATA

UPCOMING ECONOMIC EVENTS

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