The Week ahead

Indeed yet again it has been quite a while since I last posted on here. Been pretty busy with trying to sort our myself in other aspect of my endeavours. That said, lets take a closer look at what the week ahead and what it may bring us in the forex market. This time I would make a change and move to a different currency pair, that is the GBPUSD. If you have a look at the chat below, you would all see that the pair has been a range trade since 08/06/2012 at an opening of 1.5489.

Looking at it from a fundamental point of view one would expect a major market breakout if the events of the coming week is any thing to by. Official Bank Rate for the GBP would be next week Thursday, by 12pm GMT. There would also be a rate change for the EUR zone as well shortly after the GBP at 12:45pm GMT. The USD is not left out in this series of events as it would be having its non- farm employment change on Friday, 1:30pm GMT.
All these events would call for a major trend change depending on the outcome. I for one expect a reversal at 1.5777 for the GBPUSD if a break to the upside is not sustained. Expect to see the pair tumble downward. If not, then we may be testing previous resistant points at 1.5861. All I should be saying is trade carefully and focus on the long term effects of whatever decisions you make on any trade. Hopefully we'll communicate more in the coming week on any changes. Have a great weekend.