GBPUSD – Weekly Forecast 23-27 Dec 2013

Recommendations: SHORT positions below 1.6480 with 1.6250 & 1.6150 as next targets.
Alternative scenario:The upside breakout of 1.6480 will open 1.6620/1.6745 levels.
Description: The cable rose last week towards 1.6483 , but couldn’t hold its gains above 1.6465 levels, support comes at 1.6177 levels , this week we might see some consolidation within 1.6200/1.6400 range. On the downside , a clear break below 1.6177 would open/expose 1.6000 levels.On the upside , sustained trading above 1.6480 levels is needed to open 1.6620 levels.

Support and resistance  : 1.6047 , 1.6177 , 1.6360 , 1.6480 -Pivot , 1.6617 , 1.6745 , 1.6875

Key data/events which may influence GBPUSD  this week:

  •  USD - Core Durable Goods Orders (MoM) - Tuesday at 13:30 - Core Durable Goods Orders measures the change in the total value of new orders for long lasting manufactured goods, excluding transportation items, a higher reading indicates increased manufacturing activity.Forecast is  0.7%  - A higher than expected 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.
  •  USD - New Home Sales - Tuesday at 15:00 –  New Home Sales measures the annualized number of new single-family homes that were sold during the previous month. Forecast is 448 K.A higher than expected 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.
  • USD - Initial Jobless Claims – Thursday  at 13:30 ; Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week,forecast is 380 K. A higher than expected 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.

All times are GMT

 

GBPUSD Daily Chart



GBPUSD – Weekly Forecast 23-27 Dec 2013

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Tags: GBPUSD

Comment by Haitham653 on December 24, 2013 at 6:33pm

Thanks Glider....

Merry Christmas..........

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