Weekly Technical Outlook: GBP/USD ; Market Forecasts for September 25th – September 29th

• Resistance level 1.3601
• Pivot Level 1.3511
• Support Level 1.3455, 1.3365 and 1.3275

Technical Analysis

Daily bias in GBP/USD remains bearish with 1.3601 resistances intact. A deeper decline is still expected for GBP/USD pair as long as resistance holds the area. The price action stays below resistances so far at this point and closed the week below the levels such decline is viewed as a correction. Thus, we’d expect resistance to hold the area and the pair remains bearish this week.

A bearish reversal on the pair has taken place and turned the outlook to continue with the downside bias. The price action signaling a pin bar indicating a reversal bearish movement with rejection at resistance area closed below the trend line. Stochastic oscillator is currently at 82.0 levels and the pair closed below the rejection of trend line. There is clear indication of trend reversal shifting the momentum. Current development suggests that the medium term downside is expected further low and focus shall be at 13455 breaks here should make lower lows with 1.3365 levels.

Economic

• Inflation Report Hearings.
• FOMC Member Kashkari Speech, New Home Sales, Durable Goods Orders,
• Initial Jobless Claims, Goods Trade Balance, Core Personal Consumption Expenditures
• Gross Domestic Product Annualized, Core Personal Consumption Expendituret

Area of Interest

• Strong resistance at 1.3601 area and closed below resistance levels.
• Bearish reversal strongly closing below the rejection of trend line with pin bar signal.
• Price action closed below trend line and oscillator below 82.0 levels indicating shift in momentum.
• At Flip Area on Daily time frame resistance levels.