GBPUSD Weekly Forecast Oct 13 2014

Pound-Dollar-7676-ert

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

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.

 

GBPUSD Weekly Forecast Oct 13 2014

 

MARKET DATA

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