Weekly Technical Outlook: GPB/USD;Market Forecasts for September 4th – September 8th

• Resistance level 30415, 1.3102, 1.3139
• Pivot Level 2939
• Support Level  1.2888

Technical Analysis

The GBP/USD pair closed the weekend trading above 1.2888 levels. The pair gets a good support base that reinforces the expectations of continuing the bullish bias. This provides signals for the price recovery in the upcoming days, supported by stochastic positivity. The pair appears clearly on the daily time frame rising above 67.0 levels. The pair remains bullish for the moment while trading on rebound after testing barriers. This makes the trading settle now at the support area that appears in the chart. Some consolidations would be seen with bullish momentum. A further rise is expected from current levels with price action signaling two bar reversal on the new found support area. The beginning of the new trend and the first main target located at 1.30415.The pair points that breaking at 1.3102 level besides holding above it will push the price to resume its with bullish that its next target located at 1.31319 level.

Economic

• Inflation Report Hearings, Industrial Production
• Manufacturing Production, Consumer Inflation Expectations
• Factory Orders, Trade Balance, ISM Non-Manufacturing PMI
• Initial Jobless Claims, Baker Hughes US Oil Rig Count

Area of Interest

• Strong support at 1.2828 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 67.0 levels indicating shift in momentum.
• At Flip Area on Daily time frame support levels.

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