GBP USD Forecast for the Week 14th to 18th November, 2016
Sterling rose on Friday to the highest in five weeks after drawing support from expectations of a safe British exit from the EU after Donald Trump’s U.S. presidential victory and the electoral success of the Republican Party.
The GBP/USD enjoyed its best week since February, as the pair jumped 300+ points. GBP/USD closed just above the 1.25 level.
This week we can expect some normalcy to be restored as data like the CPI and inflation report from the UK and the retail sales data from the US would give more hints about the strength of the respective economies and would help the market to evaluate the progress and the full effect of the Brexit process on the UK economy. We expect the pound to consolidate its gains in the first part of the week, with a bullish bias while the prices can be expected to be driven by data in the second part of the week.
GBP USD Technical Forecast:
Previous week close: 1.2593
Current Week Open: 1.2571
Today’s Market Range: 1.2510 – 1.2593
52 wk Range: 1.1450 – 1.5336
Support and Resistance Forecast:
S 1: 1.2572
S 2: 1.2542
S 3: 1.2512
R 1: 1.2632
R 2: 1.2662
R 3: 1.2692