GJ: Weekly Outlook - Recap, Technical, Fundamental
Verdict: Fundamentally & Technically Bearish. As long as there's no strong stimulus for bulls, the trend is bearish.
Technical: Bearish
Fundamental: Bearish
Recap: The week started off with the price consolidating at the 150 to 151 region as price tested the support and tried to push upwards on Monday. However, it was rejected at 150.8 before being pushed back and close near the previous close. On Tuesday, the price break below the 150 level and touched the 149.2 level before being bounced off. On Wednesday, the price retested the nearest resistance at 150 and continue its downward movement after being rejected. On Thursday, the price continues its descent after breaking through a support at 148.7. It was rejected off slightly at 147.6 level but it the continued its descent on Friday as it push downwards to the next support at 147.4. The price has tried to breach the 147.4 level but failed to do so. As the previous move have been pretty bearish, the bearish movement could potential continued downwards to the swing low at 145.5.
Technical: The price has printed very bearish candlestick throughout the week indicating strong bearish momentum. The price will most likely continue its bearish movement.A break below 147.4 would target the next support at 146.45 & 145.5. On the upside, if the price did reverse and break above 148.7, it would target the psychological level at 150 & 151.
Fundamental: Faced with a series of negative news releases in the UK, pound has been under pressure as USD & JPY continued to gain in strength. During the previous months, UK's news releases has shown that the manufacturing sector, construction & the services sector are growing at a slower pace. This means that the economy is slowing down and thus the economy is projected to be disappointing in the second quarter. Consequently, slower economy also means that a rate hikes is more unlikely in the future. With Brexit agreement looming across UK, there has been little new investment entering the country. Less investment means less economy stimulus, less jobs & less growth.
Technical: Bearish
Fundamental: Bearish
Recap: The week started off with the price consolidating at the 150 to 151 region as price tested the support and tried to push upwards on Monday. However, it was rejected at 150.8 before being pushed back and close near the previous close. On Tuesday, the price break below the 150 level and touched the 149.2 level before being bounced off. On Wednesday, the price retested the nearest resistance at 150 and continue its downward movement after being rejected. On Thursday, the price continues its descent after breaking through a support at 148.7. It was rejected off slightly at 147.6 level but it the continued its descent on Friday as it push downwards to the next support at 147.4. The price has tried to breach the 147.4 level but failed to do so. As the previous move have been pretty bearish, the bearish movement could potential continued downwards to the swing low at 145.5.
Technical: The price has printed very bearish candlestick throughout the week indicating strong bearish momentum. The price will most likely continue its bearish movement.A break below 147.4 would target the next support at 146.45 & 145.5. On the upside, if the price did reverse and break above 148.7, it would target the psychological level at 150 & 151.
Fundamental: Faced with a series of negative news releases in the UK, pound has been under pressure as USD & JPY continued to gain in strength. During the previous months, UK's news releases has shown that the manufacturing sector, construction & the services sector are growing at a slower pace. This means that the economy is slowing down and thus the economy is projected to be disappointing in the second quarter. Consequently, slower economy also means that a rate hikes is more unlikely in the future. With Brexit agreement looming across UK, there has been little new investment entering the country. Less investment means less economy stimulus, less jobs & less growth.