Sforex

Idea for G/U next week.

FX:GBPUSD   British Pound/U.S. Dollar
279 0 0
I have not much idea for G/U next week.

I turn back the past and see that 1.63 is a very strong resistance level.

G/U tried to break this level 4 times but it was unsuccessful.

Next week, England announces GDP Q3, I believe it will be positive. The uptrend of G/U proves that economy of England is now very good, recover very well. Thus, GDP might be better than expectation.

However, next week, US also releases Consumer Confident and Durable Good Orders, and I also believe those data is very good.

Thus, in my opinon, G/U could test 1.63 level and then retrace to 1.614. But it most likely retrace sooner. No matter what G/U touches 1.63 or not, I think It would retrace to 1.614 even 1.6

I will show something in the next chart.
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