Sforex

GBPUSD tomorrow and even next week.

FX:GBPUSD   British Pound/U.S. Dollar
426 3 3
This is my outlook for GBPUSD             tomorrow even next week:
Today, UK economic data is bad again:
- GDP (YoY)dropped to 2.7% vs 2.8% forecast.
- Total Business Investment fell to 2.4% vs 2.6% forecast.
Last week, UK CPI             , Retail Sales and Unemployment rate were also bad too. There are too much economic data for UK, the main reason holding GBPUSD             not to be bearish is the M&A flow : The deal between Verizon and Vodafone. 24 billion of GBP have to prepare to pay for Vodafone shareholders before April 1 : +GBP and – USD. Thus, basically, the demand for GBP is very high, and this would benefit for the Cable, but everything is not simple, particular in the context forex market is more and more complicated.
Tomorrow, the key datum I focus is: Durable Goods Orders.
If Durable Goods Orders is positive, plus bad UK economic data: the GBPUSD             hardly holds 1.66 level. The first target is 1.66 level :38.2% Fib retracement I show on the chart, second target is 50% Fib retracement at 1.6533
If Durable Goods Orders is negative: G/U would test 1.675 level.

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AndreiGritsan
3 years ago
Good afternoon.
It seems didn't work...
Reply
Sforex PRO AndreiGritsan
3 years ago
Still not hit stop loss. Wait.
Reply
AndreiGritsan Sforex
3 years ago
I thank for the answer.
Interesting situation. Next week probably everything will be solved.
Reply
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