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Weekly Technical Outlook: GPB/USD ; Market Forecasts for November 28th – December 2nd

By:
Sylvester Stephen
Updated: Nov 28, 2016, 08:24 UTC

Resistance level 1.259801, 1.270054, 1.282638 Pivot Level 1.236032 Support Level 1.229973 Technical Analysis The GBPUSD pair closed weekend trading above

Weekly Technical Outlook: GPB/USD
  • Resistance level 1.259801, 1.270054, 1.282638
  • Pivot Level 1.236032
  • Support Level 1.229973

gbpusd2
gbpusd3

Technical Analysis

The GBPUSD pair closed weekend trading above 1.229973 levels to get a good support base that reinforces the expectations of continuing the bullish bias and provides signals for the price recovery.

This is supported by stochastic positivism that appears clearly on the daily time frame and rises above 33.0 levels. 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 further rise is expected from current levels with price action signaling two bar reversal on the new found support area.

With the beginning of the new trend, the first main target is located at 1.259801 levels, pointing that breaking 1.270054 levels besides holding above it will push the price to being bullish that its next target is located at 1.282638 levels.

Economic

  • Mortgage Approvals, Consumer Credit,
  • Gfk Consumer Confidence, Markit Manufacturing PMI, PMI Construction
  • Dallas Fed Manufacturing Business Index, Gross Domestic Product, Consumer Confidence
  • Core Personal Consumption Expenditure, ISM Manufacturing PMI, Initial Jobless Claims
  • Labor Force Participation Rate, Nonfarm Payrolls, Unemployment Rate

Area of Interest

  • Strong support at 1.229973 areas and closed above rebound of trend line.
  • Bullish two bar reversal strongly closing above the support area.
  • Price action closed above rebound of trend line and oscillator rising above 33.0 levels indicating shift in momentum.
  • At Flip Area on Daily time frame support levels.

 
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