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GBP/USD Outlook July 16-20

| July 16, 2012 | 0 Comments

After last week’s inadequate performance by the lb against the money, the GBP/USD obtained near to one cent, ending at 1.5573. The future weeks time has seven produces, such as Plaintiff Depend Modify and Store Revenue. Here is an perspective for the future events, and an modified specialized research for GBP/USD.

The lb was assisted by some powerful produces the other day, such as Development Production and Business Development, which were well above the industry predictions. As well, continuing concern about the US restoration has been favorable for the English currency.

Updates: Rightmove HPI decreased to an eight-month low, dropping by 1.7%. The inadequate studying is a sign of a bad real estate industry in the UK. GBP/USD is losing, as the couple was dealing at 1.5539.

GBP/USD information with assistance and stage of resistance lines on it. Click to enlarge:
Rightmove HPI: Weekend, 23:01. This catalog is the first data on real estate blowing up in the UK. The catalog revealed a 1.0% increase last 30 days.
CPI: Wednesday, 8:30. This essential blowing up signal has been decreasing in latest parts. Another minor fall is expected in Sept, with an calculate of 2.7%.
BOE Governor Mervyn Master Speaks: Wednesday, 9:00. The marketplaces pay attention at any time the head of the BOE talks. A conversation which is more hawkish than expected is favorable for the lb.
Claimant Depend Change: Wed, 8:30. This signal was a frustration last 30 days, as the number of recently jobless persons was much higher than prediction. The industry calculate for the Sept studying appears at 7.4 thousand. The lack of employment amount is expected to remain at 8.2%.
MPC Conference Minutes: Wed, 8:30. This essential review details the voting malfunction on the latest interest amount decision as will as the Resource Purchase Service (QE) election. A review that is more hawkish than prediction is favorable for the lb.
Retail Sales: Saturday, 8:30. This key signal is one of the most essential features of consumer spending, which is a critical component of economic growth. The marketplaces are anticipating a fall in the Sept studying, with an calculate of 0.6%.
Public Industry Net Borrowing: Saturday, 8:30. This signal was a frustration in May, with a broader lack than prediction. The marketplaces are forecasting a much smaller lack for the Sept studying, with a calculate of 12.5 million.

*All times are GMT

GBP/USD Technical Analysis

GBP/USD started out the weeks time at 1.5479. The couple increased to a high of 1.5580, as the stage of resistance range of 1.5600 (discussed last week) organised company. GBP/USD then decreased all the way to 1.5392. The couple then retraced, and shut the weeks time at 1.5573.

Technical levels from top to bottom

We begin with stage of resistance at 1.6060. Below, is the range of 1.5992, defending the essential 1.60 stage. This is followed by stage of resistance at 1.5930. The next stage of resistance range is just above the 1.58 range, at 1.5805. This range was last breached in overdue May, as the lb went on a sharp down fall. Nearby is 1.5750, which organised company as the lb made a brief push up-wards beginning in the weeks time.

Next, 1.5648 which has been changing between assistance and stage of resistance tasks, is currently offering stage of resistance following the powerful increase by the money. This is followed by the round figure of 1.5600, which just the other day was offering assistance. Next, 1.5521 was temporarily breached by GBP/USD as the lb improved, but is constantly on the provide inadequate stage of resistance as the couple retraced. This range could be examined if the lb gets back.

The couple is receiving assistance at 1.5415. Below, there is assistance at 1.5361, a range which has organised company since beginning May. Nearby, there is assistance at 1.5309. This range has not been breached since Sept 2010. This is followed by assistance at 1.5229. The next assistance stage is at 1.5124, which has not been examined since Sept 2010. Below, there is assistance at 1.5054, which was last breached in May 2010. The final assistance stage for now is 1.4891.

I am bearish on GBP/USD.

Although GBP/USD location a move overdue in the dealing weeks time, the general trend since beginning Sept has been downwards. The UK economic climate is constantly on the sputter, and key areas such as manufacturing real estate and development have been having. With dark atmosphere over European countries and the international perspective looking hopeless, traders may continue to favor the safe home provided by the money.

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