Weekly Technical Outlook: GPB/USD

Weekly Technical Outlook: GPB/USD;Market Forecasts for November 14th – November 18th

  • Resistance level 1.29142, 1.3032, 1.32205
  • Pivot Level 1.26115
  • Support Level 1.23208

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Technical Analysis

The GBP USD pair closed weekend trading above 1.2320 levels, to get a good support base that reinforces the expectations of continuing the bullish bias and providing signals for the price recovery in the upcoming days.

This is supported by stochastic positivism that appears clearly on the daily time frame and rises above 72.0 levels. The pair remains bullish for the moment with pair trading on rebound after testing barriers and this makes the trading settle at the support area and appears in the chart.

Some consolidations would be seen with bullish momentum and further rise is expected from current levels with price action signaling two bar reversal on the new found support area and beginning of the new trend with the first main target located at 1.29142.

Breaking 1.3032 levels besides holding above it will push the price to resume being bullish with its next target located at 1.32205 levels.

Economic

  • Consumer Price Index, Core Consumer Price Index
  • Retail Sales, Retail Sales ex-Fuel
  • FOMC Member Williams speech, Retail Sales control group, Retail Sales ex Autos
  • FOMC Member Harker Speech, Building Permits, Initial Jobless Claims

Area of Interest

  • Strong support at 1.2320 areas and closed above rebound of trend line.
  • Bullish two bar reversal strongly closing above the support area.
  • Price action closed above rebound of trend line and oscillator rising above 72.0 levels indicating shift in momentum.
  • At Flip Area on Daily time frame support levels.

 
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