Outlook in GBPUSD remains on the upside as long as 1.5080/1.4855 support holds on a daily closing basis , resistance comes at the 1.5220 levels , a halt is likely , but a break would open 1.5400 next , further upside will target the 1.5550 levels..

On the downside  support comes at the 1.5080 levels ahead of 1.4970/1.4855 levels (main), a clear break below 1.4855 will turn outlook neutral and bring a corrective pullback above the 1.4680 levels before the next possible rise..

In all , as long as 1.5080/1.4855 support holds on a daily closing basis , outlook in GBPUSD remains on the upside towards the 1.5220 levels , ahead of 1.5350/1.5550 levels below 1.4855 faces a pullback risk above the 1.4680 levels before the next rise..

Support and resistance : 1.4000, 1.4085 , 1.4190, 1.4350 , 1.4586 , 1.4680 , 1.4850 , 1.4915 , 1.4970, 1.5080 , 1.5220 , 1.5351 , 1.5428 , 1.5551

Short term trend : Upward (above 1.4850).

Medium term trend : Neutral(1.4565 / 1.5551)..

Key data (events) which may affect GBPUSD pair this week :

Tuesday Apr 28 :

  • UK Gross Domestic Product (GDP) (QoQ) (Q1) at 08:30
  • US CB Consumer Confidence (Apr) at 14:00

Wednesday Apr 29:

  • US Gross Domestic Product (GDP) (QoQ) (Q1) at 12:30
  • US Pending Home Sales (MoM) (Mar) at 14:00
  • F.O.M.C statement + Fed Interest Rate Decision  at 18:00

Thursday Apr 30 :

  • US Initial Jobless Claims at 12:30
  • US Personal Spending (MoM) (Mar) at 12:30
  • US Chicago PMI (Apr) at 13:45

Friday May 01

  • UK Manufacturing PMI (Apr) at 08:30
  • US ISM Manufacturing PMI at 14:00

*All Times Are GMT

Conclusion : As long as 1.5050 support holds on a weekly closing basis , the GBPUSD remains in recovery mode in midterm forecast , and further upside couldn’t be ruled out towards the 1.5551 levels , the daily chart is also bullish , as a result ; negative data for GBPUSD could be an opportunity to buy the pair on dips ……..The US Fed hinted before that first rate hike probably will come next June ….Unless the US Fed comes out with a surprise this week , In other words , If US Fed  leaves things the way they are , further gains are likely !!! As usual : keep an eye on news near support and resistance levels..

GBPUSD Weekly Forecast Apr 27 2015

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