GBPUSD WEEKLY FORECAST
#OPINIONLEADER# #GBP/USD# #ShortTermTrading# #Signal# #trading#
GBP/USD price got rejected from the weekly resistance at 1.39800 two weeks ago. A mini-range was created between 1.39400 and 1.38888, but the range got broken to the downside on Friday upon the release of the NFP data.
The US dollar is fundamentally strong and other currencies are falling against it. The core CPI will be released later this week and FOMC members will also be speaking this week. It is gonna be a huge week for the US dollar.
The price of GBP/USD tested the support turned resistance level at 1.38888 during the London session on Monday and it has rejected price. The 200 MA and 50 MA were also used as resistance as price reacted from them, as seen on the 60-minute chart below.
GBP/USD will likely fall to 1.37700 this week as price just reached the mini support at 1.38500 as the New York market opens. With a stop above 1.39000, GBP/USD is good for short to 1.37700, which is the next strong support level.
More updates will be posted as the trade performs.
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