Irresistible… looking at my favorite market… :-P
Blue horizontal lines represent support levels, Red horizontal lines represent resistance.
Basically the chart marking with (1), (2) --- (5) is my forecast of movement for next week.
The cable surge on last Friday, and I would love to see the surge to continue to hit TG: 1.5925.
Next resistance level 1.5995 (Feb’12 top).
I expect market to pull back a little bit on Monday, support (1) 1.5810, and continue heading to TG 1.5925 level.
After which, I forecast GBP/USD face a little rejection, come down to (3) 1.5780 / 1.5810 – which will be the EMA50 level by that time, found support, and challenge the top again (4).
Next week packed with 8 releases - Here is an important event to watch, if the economic data leave a positive effect on GBP/USD then it shall break above the strong resistance 1.5995 – 1.6000 and go towards 1.6070.
Otherwise, GBP/USD shall come back down to 1.5750 (5).
Economic Data Explained: ForexCrunch
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