Weekly Technical Outlook: GPB/USD ; Market Forecasts for April 3rd – April 7th

• Resistance level 1.2605, 1.2667, 1.2787
• Pivot Level 1.2476
• Support Level 1.2361

Technical Analysis

The GBP/USD pair closed weekend trading above 1.2361 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 and is supported by stochastic positivism that appears clearly on the daily time frame and rises above 70.0 levels.

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

Some consolidations would be seen with a bullish momentum with price action producing 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 1.2605, breaking 1.2667 levels besides holding above it will push the price to resume being bullish for its next target at 1.2787 levels.

Economic

• Markit Manufacturing PMI, Public Sector Net Borrowing
• Goods Trade Balance, Manufacturing Production
• ISM Manufacturing PMI, FOMC Member Harker Speech, Trade Balance
• ADP Employment Change, ISM Non-Manufacturing PMI, FOMC Minutes
• Trump-Xi Jinping meeting, Initial Jobless Claims, FOMC Member Williams speech
• Unemployment Rate, Nonfarm Payrolls

Area of Interest

• Strong support at 1.2361 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 69.0 levels indicating shift in momentum.
• At Flip Area on Daily time frame support levels.

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