Weekly Technical Outlook: GPB/USD; Market Forecasts for April 16th – April 21st

• Resistance level 1.2626, 1.26811, 1.2729
• Pivot Level 1.2461
• Support Level 1.2366

Technical Analysis

The GBPUSD pair closed weekend trading above 1.2366 levels to get a good support base that reinforces the expectations of continuing the bullish bias.

This provides signals for the price recovery in the upcoming days with price action finding some support around the area. This is supported by stochastic positivism which appears clearly on the daily time frame and rises above 53.0 levels.

The pair remains bullish for the moment with pair trading on rebound after testing barriers and that makes the trading settle at the support area and appears in the chart.

Some consolidations would be seen with bullish momentum and price action produces a two bar reversal. Further rise is expected from current levels on the new found support area.

With the beginning of the new trend and the first main target located at 1.2626, breaking 1.2461 level besides holding above it will push the price to being bullish for its next target at 1.26811 levels.

Economic

• Right move House Price Index
• NAHB Housing Market Index, Building Permits Change, Initial Jobless Claims
• Existing Home Sales

Area of Interest

• Strong support at 1.2366 areas and closed above rebound of trend line.
• Bullish momentum above the support area with two bar reversal.
• Price action closed above rebound of trend line and oscillator rising above 53.0 levels indicating shift in momentum.
• At Flip Area on Daily time frame support levels.

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