[FOREX TIP] GBPUSD Weekly Forex Forecast – 6th to 10th Mar 2017

GBPUSD Weekly Forex Forecast – 6th to 10th Mar 2017

The GBPUSD has successfully broken down through multiple support levels, putting the focus on the bear side. In the bigger picture, we’re still inside a very wide range between support level 1.2000 and resistance level 1.2771. The old support level 1.2300 has turned now into a new resistance level from where we can expect a reaction lower. The stochastic indicator is also in oversold territory and should reset which encourage us to believe the GBPUSD will rally early in the week before resuming down again.

The first level of resistance comes at 1.2300 followed by 1.2400 while to the downside we have the first major support level at 1.2100 followed by the big psychological number 1.2000. The UK economic calendar looks busy with scheduled high-risk events. Wednesday we have the Annual Budget release, which will outline the UK‘s budged for the year ahead as well as other financial objectives. Friday we have the UK Manufacturing Production figures which based on the general consensus, are expected to inch lower from 2.1% to -0.6%. We also have the NFP figures which carry a higher risk as it can give traders clues whether or not the Fed will hike rates at the March meeting. The usual Brexit talks remain a focal catalyst for the GBP/USD volatility in the week ahead.

Previous GBPUSD Weekly Forex Forecast

GBPUSD Weekly Forex Forecast – 6th to 10th Mar 2017 – Bullish

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[FOREX TIP] Weekly Forex News Events for EURUSD – 6th Feb to 10th Mar 2017

Weekly Forex News Events for EURUSD – 6th Feb to 10th Mar 2017

EURUSD finished the last week with bearish tone. Next week there are number of news events that might create volatility on the pair. Let us now have a look at those news events and their possible impact on EURUSD.

Monday-27^th February-13.30 GMT

• Core durable goods orders m/m

This news event usually produces huge spikes on the Intra-day time frames.

Tuesday-28^th February-13.30 GMT

• Prelim GDP q/q

This one can produce volatility and often sweeps away stop losses if they are set on Intra-day time frames.

Tuesday-28^th February-15.00 GMT

• CB Consumer confidence

This news event does not produce huge spikes, but can make the pair be volatile enough.

Wednesday-1^st March-15.00 GMT

• ISM Manufacturing PMI

This news event often produces huge volatility on EURUSD.

Wednesday-1^st March-15.30 GMT

• Crude oil inventories

This news event is directly related to oil. Thus, it is related to XAUUSD. This often leads EURUSD to get volatile.

Thursday-2^nd March-13.30 GMT

• Unemployment claims

This is going to be the most volatile news event in the next week. Thus, traders should be careful with their opened positions that are taken on the Intra-day time frames. This week’s forecast is 245K. Last week’s claim was 244K. Both numbers are adjacent. Thus, if the original claim is less than the forecast, then we might see a huge volatility, which might set a trend for couple of days.

Friday-3^rd March-15.00 GMT

• ISM Manufacturing PMI

This news event is going to be the last high impact news event in the next week. However, timing of the news event does not have that much of impact. Nevertheless, if you are an intraday traders, then you might as well want to come out with your entries before this news event.

 

 

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[FOREX NEWS] ISM Non-Manufacturing PMI beats with 57.6

US growth has accelerated also in February also in the US services sector according to ISM. The services PMI is showing warming growth conditions in the biggest sector in America. A score of 57.6 means sound and solid growth. The closely followed New Orders component is up from 58.6 to 61.2 points. Prices paid actually slipped to 57.7 and the [...]

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