Weekly Forex Forecast - 21 May 2017

GBP/JPY

The GBP/JPY pair had a very volatile week, as the 145 level seems to attract a lot of attention. Ultimately, if we can break above the 148 handle, the market should continue to go much higher. On the other hand, we can break down below the bottom of the range for the week, the market may drop back towards the 142 level to try to find support.

GBPJPY

GBP/USD

The British pound continues to grind higher, and as you can see I have an uptrend line that the market has been following. On a break above the top of the weekly range, I think this market continues to grind towards the 1.3450 level above, as the US dollar continues to struggle in general. 

GBPUSD

EUR/GBP

The EUR/GBP pair had a very strong week, but as you can see there is some remnants of a potential descending triangle. If we can break above the top of the range for the week, I feel this market will go looking for the 0.88 handle over the longer term, meaning that a “buy on the dips” situation will present itself.

EURGBP

EUR/USD

The EUR/USD pair slammed into the 1.12 level during the week and towards the end of the day on Friday, so I believe that if we can break above the top of the weekly range, the market will continue to grind towards the 1.14 level above. Pullbacks should offer value.

EURUSD

Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.