The GBPUSD jumped above the 1.6125 levels but failed to hold gains above this levels last week , despite the weekly close below the 1.6125 levels , outlook remains neutral , let’s focus on the most critical data which may influence GBPUSD pair this week :
Monday , Oct 27 2014
- US will release its report on Pending Home Sales (MoM).
Tuesday , Oct 28 2014
- US will release its data on Core Durable Goods Orders (MoM) (Sep) , later on the day , US will release another data on CB Consumer Confidence (Oct).
Wednesday , Oct 29 2014
- From U.S , we have Fed Interest Rate Decision .
Thursday , Oct 30 2014
- US will release its weekly report on Initial Jobless Claims , at the same time we have the high importance US GDP (Q/Q) (Q3).
Events will be discussed during the week …..
Technical Outlook :
Outlook in GBPUSD remains neutral with risk to the downside , resistance comes at the 1.6125 levels , a failure to hold above the 1.6125 levels on a weekly closing basis , could mean a return to the 1.6000 levels ahead of the 1.5873 levels , a cut will resume fall from 1.7190 towards the 1.5680 levels ahead of the 1.5500 levels.
On the upside , resistance comes at the 1.6125 levels , break of the 1.6125 levels on a weekly closing basis , will put the pair in recovery mode , but recovery mode above the 1.6125 levels should be contained well by the 1.6525 levels .
In all , as long as resistance 1.6125 holds on a weekly closing basis , outlook in GBPUSD remains on the downside towards the 1.6000 levels ahead of the 1.5873 levels , but the pair faces a recovery risk above the 1.6125 levels .
Conclusion: The pair is near overbought area (1.6125) , so any any positive US data is supposed to resume fall from 1.7190 levels towards 1.5873 levels even lower…