GBPUSD Weekly Forecast Oct 27 2014

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 .

GBPUSD Weekly Forecast Oct 27 2014

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…