GBP/USD Weekly Outlook

GBP/USD’s up trend continued last week as reached as high as 1.4345. A temporary top is in place and intraday bias is neutral this week. Some consolidations could be seen but retreat should be contained by 1.3915 support to bring another rise. Above 1.4345 will turn bias back to the upside for 100% projection of 1.2108 to 1.3651 from 1.3038 at 1.4581 next.

In the bigger picture, sustained break of 1.3835 key resistance level indicates that rebound from 1.1946 is at least correcting the long term down from from 2007 high at 2.1161. Further rise should now be seen back to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. Medium term outlook will stay bullish as long as 1.3038 support holds, in case of pull back.

In the longer term picture, rise from 1.1946 should at least be correction whole long term down trend form 2.1161 and should target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. It too early to tell if it’s developing into a long term up trend. We’ll monitor the upside momentum and reaction to 1.5466 to decide later.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

GBP/USD Weekly Chart

GBP/USD Monthly Chart

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