Outlook in GBPUSD remains on the upside as long as 1.5700 support holds on a daily closing basis, resistance comes at the 1.5785 levels, to resume the upside offensive, the GBPUSD will have to take out the key resistance 1.5785, If seen, It will target 1.5940 next, a halt is very likely, but a break would target 1.6021 next, further upside will aim the 1.6108./1.6182 levels.

On the downside, Immediate support comes at the 1.5700 levels, sustained breakout-daily closing- below the 1.5700 levels will suggest short term topping and open the 1.5621/1.5222 levels before the next rise, However; a clear break below the 1.5222 levels will extend the pullback towards the 1.5354 levels before the next possible rise.

In all, as long as 1.5700 support holds on a daily closing basis, outlook in GBPUSD remains on the upside towards the 1.5785 levels ahead of the 1.5940 levels, below 1.5940 sees a pullback risk towards the 1.5354/1.5222 levels before the next rise.

Support and resistance:  1.5088 (main), 1.5217, 1.5354 , 1.5222 (main), 1.5612, 1.5700, 1.5785 (main)1.5940 , 1.6021, 1.6108, 1.6182, 1.6285.

Short term trend: (Daily Chart):

  • Very Bullish: Above 1.5785
  • Bullish (Neutral/Pullback): Above : 1.5354/1.5222
  • Bearish: Below : 1.5088

Medium term trend: (Weekly Chart):

  • Bullish: Above 1.5088
  • Neutral : Above 1.4565
  • Bearish : Below 1.4565

 

GBPUSD Weekly Forecast May 18 2015

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

  1. U.K CPI (YoY) (Apr). Tuesday at 08:30
  2. U.S Building Permits (Apr). Tuesday at 12:30
  3. Bank of England  MPC Meeting Minutes. Wednesday at 08:30
  4. U.S FOMC Meeting Minutes. Wednesday at 18:00
  5. U.K Retail Sales (MoM) (Apr). Thursday at 08:30
  6. U.S Initial Jobless Claims .Thursday at 12:30
  7. U.S Existing Home Sales (Apr). Thursday at 14:00
  8. U.S Philadelphia Fed Manufacturing Index (May). Thursday at 14:00
  9. U.S CPI (MoM) (Apr). Friday at 12:30

*All Times Are GMT

Conclusion: Medium and short term trend are upward, further upside couldn’t be ruled out in the upcoming days, break of 1.5785 levels should target 1.5940 levels , below 1.5700 we need to track the pair on a daily basis to anticipate possible turning points above 1.5354/1.5222 levels, as usual keep an eye on NEWS near support and resistance levels….

 

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