GBPUSD Forecast: Positive Brexit Sentiment vs Rising DXY

Heavy data flow week ahead: UK PMIs and US NFP will be closely watched

Important macro data is scheduled to release for the US in the upcoming week that will include the all-important February labor market report. ( NFP & Unemployment )

In the UK, the set of construction and services PMIs are scheduled for the next week together with the Bank of England Governor Mark Carney’ s testimony in the House of Lords.

Cable is retesting the broken neckline of the Inverse Head And Shoulders pattern. That move is a predicted technical correction.


We have entered a short trade based on Bearish ABCD and Total Harmonic pattern. We have reached our ultimate target and closed the trade at 1.32450.

Bearish pressure will remain as long as Cable stays below 1.32700. RSI has a place to go downside. 1.31800 is the key support. H4 Closings below 1.31800 would send the pair 1.31100 and 1.30600.

Our strategy is selling cable below 1.31800 targeting 1.31500 1.31100 and 1.30800. We plan to buy the pair at 1.30600-1.30800 targeting 1.33000 and 1.34500.

Check our attached DXY analysis.