Weekly Forex Outlook

April 20, 2015 by

Monday 20th April 2015 – 13:00

GBPUSD

Last week, cable pushed up to the 1.5000 critical level on the back of strong uk employment data and intrest rate . But without any doubt, the short term sell is still in play. until it push above the 1.52 and to 1.55. we have to keep in mind the UK election uncertainty which has brought so much volatility into the market. this has a huge impact on the direction of this pair. I will recommend a short of GBPUSD with a target of 1.4750.

Fig 1: GBPUSD Daily chart

source: XTB MT4

EURUSD

This pair pushed up to 1.08 last week on the back of weak USD as a result of some weak data. however, the risk from Greece continues to be a strong issue for the strength of EURUSD. we might likely see a further dip on this pair as it was rejected at the 1.085 level. I will recommend a short with a potential target of 1.0500

Fig 2: EURUSD Daily chart

Soruce: XTB-MT4