GBPUSD FOREX EXCHANGE Weekly Outlook August 21, 2017

FOREX EXCHANGE decline from 1.3267 extended to as low as 1.2830 last week. Initial bias stays on the downside
The GBPUSD pair had a pretty difficult week despite some strong economic data from the UK and it was more of a choppy trading with a bearish bias in the pair rather than any kind of specific direction in this pair. We do believe that there is not much to be very optimistic about this pair and with the ongoing Brexit process and also with the BOE reluctant to help the pound much, it does look like an uphill battle for the pound in the short and medium term as well.

GBPUSD FOREX EXCHANGE decline from 1.3267 extended to as low as 1.2830 last week. Initial bias stays on the downside this week for 1.2588 key near term support. We’re favoring the case that correction from 1.1946 is completed at 1.3267. Decisive break of 1.2588 will confirm our view and target a test on 1.1946 low. On the upside, above 1.2915 minor resistance will turn intraday bias neutral first. But near term outlook will remains cautiously bearish as long as 1.3030 resistance holds.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.



GBPUSD FOREX EXCHANGE

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GBPUSD Daily
GBPUSD Daily

The average earnings index data and the retail sales data from the UK came in stronger than what was expected but that was not enough to lift the pound. The selling in the pair was clear for everyone to see and the pair continued to get weaker during the course of the week even though the dollar was on the backfoot following the FOMC meeting minutes. The pair rolled downwards and there were a couple of attempts to break through the important support region at 1.2860 but so far, the support region has managed to hold on.




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major currencies: (EUR-USD) (USD-JPY) (USD-GBP) (USD-CHF), (USD-CAD), (AUD-USD) (USDCNY)



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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of InvestorsBuz.com, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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