Weekly Forex Forecast – Sunday, May 21


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.


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. 


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.


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.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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