The cable recovered a little bit last week , but remains under pressure , and further downside is likely as long as trades below 1.6237 levels , however ; let’s take a quick look at the most critical data which could effect GBPUSD next week :
Tuesday , Oct 14 2014
- UK will release its data on consumer price index CPI (YoY) (Sep).
Wednesday , Oct 15 2014
- UK will release its data on Average Earnings Index +Bonus (Aug) and Claimant Count Change (Sep).
- US will release data related to Core Retail Sales (MoM) (Sep) , PPI (MoM) (Sep) and Retail Sales (MoM) (Sep).
Thursday , Oct 16 2014
- US will release its weekly report on initial jobless claims, later on the day , the US will release data related to Philadelphia Fed Manufacturing Index (Oct).
Friday , Oct 17 2014
- US will release data on Building Permits (Sep).
Events will be discussed during the week in real time..
Technical Outlook :
Outlook in GBPUSD remains on the downside as long as resistance 1.6160/1.6237 holds on a weekly closing basis , support comes at the 1.6050 levels , losing this level would open 1.5900 next , a cut will bring free fall towards the 1.5680 levels.
On the upside , resistance comes at the 1.6160 levels ahead of 1.6237 ( main) , sustained trading (weekly closing ) above this level will bring limited gains towards the 1.6415 /1.6525 levels , in all cases , recovery above the 1.6237 levels should be limited by the 1.6525 levels.
In all , as long as resistance 1.6160 / 1.6237 holds on a weekly closing basis , outlook in GBPUSD remains on the downside towards the 1.5900 levels ahead of the 1.5680 levels , above 1.6160 levels will bring rebound towards the 1.6415/1.6525 levels before the next possible fall.