GBPUSD Weekly Forecast Sept 29 2014

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Outlook in GBPUSD has turned to the downside , as long as 1.6415 holds on a weekly closing basis , support comes at the 1.6161 levels , a cut will open 1.6051 next , further downside will pave the way towards the 1.5853 levels.

On the upside , resistance comes at the 1.6415 levels , sustained trading above this level will turn outlook neutral again for retesting 1.6525 levels before the next fall. If this important resistance is taken out , expect the pair to strengthen further towards the 1.6750/1.6900 levels..

In all , as long as resistance 1.6415 holds on a weekly closing basis , outlook in GBPUSD remains on the downside towards the 1.6161/.6051 levels and possible lower towards the 1.5853 levels , above the 1.6415 levels will bring recovery towards the 1.6525 levels before the next fall.

Support and Resistance : 1.5853 , 1.6051 , 1.6161 , 1.6300 , 1.6415 , 1.6525 , 1.6765 , 1.6888

 

 

GBPUSD Weekly Forecast Sept 29 2014

 

 Live chart of GBPUSD 



Key data which may influence  GBPUSD this week : 

  • US Pending Home Sales (MoM) , Monday at 14:00. A higher than expected  (-0.1% ) 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.
  • UK Final GDP q/q , Tuesday at 08:30 . A higher than expected  (0.8%) 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.
  • US CB Consumer Confidence , Tuesday at 14:00. A higher than expected  (92.5 ) 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.
  • UK  Manufacturing PMI . Wednesday at 08:30.  A higher than expected  (52.5 ) 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.
  • US  ADP Nonfarm Employment Change , Wednesday at 12:15 . A higher than expected  (210 K ) 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 ISM Manufacturing PMI , Wednesday at 14:00 GMT . A higher than expected  (58.5 ) 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.
  • UK Construction PMI  , Thursday at 08:30 .  A higher than expected  (63.5 ) 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.
  • US Initial Jobless Claims , Thursday at 12:30. A higher than expected (298 K) 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.
  • UK Services PMI , Friday at 08:30 . A higher than expected  (59.2 ) 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.
  • US Nonfarm Payrolls  , Friday at 12:30 . A higher than expected  (215 K ) 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 Unemployment Rate , Friday at 12:30 . A higher than expected  (6.1% ) 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 ISM Non-Manufacturing PMI , Friday at 14:00 .  A higher than expected  (58.5 ) 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.

Note : below 1.6525 , any positive data for GBPUSD is seen as a bullish correction for selling the pair at resistance levels.

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