GBP/USD Weekly Forecast - 16 April - 20 April

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Saturday, Apr 14 2018

GBP/USD Weekly Forecast - 16 April - 20 April

Notes: Simplicity is key! We’ve been tracking this ascending pitchfork formation extending off the 2016 / 2017 lows for over a year now in the British Pound. Our Bottom Line last month noted that, “a breach / close above the 2018 high-day close at 1.4134 would keep the long-bias in play targeting the 200-week moving average at ~1.4280s and the yearly high at 1.4346.” Price is within striking distance of the 1.4346 target after breaking above the median-line last week- look for a reaction there.

Bottom line: The immediate focus is on yearly highs here with a breach targeting the sliding parallel (red) around ~1.4450s and the upper median-line parallel (blue) at ~1.4730s. Interim support rests with the high-day close at 1.4157 broader bullish invalidation, unfortunately still down at 1.3675. Looking for re-entries on a larger pullback.

More in this category: « AUD/USD Weekly Forecast - 16 April - 20 April EUR/USD Weekly Forecast - 16 April - 20 April »

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