Last week, the GBPUSD pair consolidated, ranging between 1.23757 and 1.23532, with no significant changes to shift our bias. Technical analysis indicates a bearish outlook for the upcoming week, as the cable struggles to maintain its bullish momentum. The 20-day EMA acts as support for now, but its strength remains questionable.
On the 4-hour and 1-hour timeframes, the GBPUSD shows potential bearish signs. The MACD is below the zero line, and divergence from last week's analysis is still valid. The pair may break support and trade bearish unless critical resistance levels on the daily and 1-hour timeframes hold.
Fundamental factors also play a role in the GBPUSD forecast. While there is no significant GBP news, several high-impact USD events may cause volatility. Key events include CB Consumer Confidence, New Home Sales, Core Durable Goods Orders, Advance GDP, Unemployment Claims, and Core PCE Price Index.
In conclusion, the GBPUSD forecast for the coming week is bearish, with technical and fundamental factors contributing to potential downward movement. Traders should monitor key events and employ proper risk management while navigating the forex market.
Please hit the boost and follow for updates in the coming week. Thanks for doing just that!
On the 4-hour and 1-hour timeframes, the GBPUSD shows potential bearish signs. The MACD is below the zero line, and divergence from last week's analysis is still valid. The pair may break support and trade bearish unless critical resistance levels on the daily and 1-hour timeframes hold.
Fundamental factors also play a role in the GBPUSD forecast. While there is no significant GBP news, several high-impact USD events may cause volatility. Key events include CB Consumer Confidence, New Home Sales, Core Durable Goods Orders, Advance GDP, Unemployment Claims, and Core PCE Price Index.
In conclusion, the GBPUSD forecast for the coming week is bearish, with technical and fundamental factors contributing to potential downward movement. Traders should monitor key events and employ proper risk management while navigating the forex market.
Please hit the boost and follow for updates in the coming week. Thanks for doing just that!
Trade active:
GBPUSD delivering as anticipated. Let see if the 1.23832 demand/support level will break...
