GPUSD WEEKLY OUTLOOK:::MARKET PRICE LOOKING AHEAD FOR BULLISH PROFIT POSTING COME THIS WEEK

FUNDAMENTAL BEAM

GBP/USD posted modest gains last week. The pair climbed close to the 1.67 line last week, but was unable to consolidate at these levels and closed the week at 1.6477. This week’s highlight is Preliminary GDP. Here is an outlook for the main events moving the pound, and an updated technical analysis for GBP/USD.
US Unemployment Claims enjoyed another good week, beating the estimate. The pound shot up in mid-week as the British Unemployment Rate dropped to 7.1%, fuelling speculation about an interest rate hike.
Updates: 

1. Preliminary GDP: Tuesday, 9:30. Of the three versions of GDP, Preliminary GDP is released the earliest and has the greatest impact. The indicator is released each quarter, magnifying the importance of each reading. Preliminary GDP continues to move higher and rose to 0.8% in Q3, matching the estimate. The markets are expecting the same gain in Q4.
2. Nationwide HPI: Wednesday, 7:00. This housing inflation indicator is an important gauge of activity in the UK housing industry. The index jumped 1.4% in November, easily beating the estimate of 0.8%. The markets are expecting a weaker gain for December, with an estimate of 0.7%.
3. BOE Governor Mark Carney Speaks: Wednesday, 12:15. Carney has been busy pouring cold water on speculation about a rate hike, as the UK economy improves and unemployment has dropped close to 7.0%. Carney will address an event in Edinburgh and analysts will be looking for clues as to the BOE’s future monetary policy.
4. Net Lending To Individuals: Thursday, 9:30. This indicator is linked with consumer confidence and spending, as increased debts levels signifies that consumers are more comfortable taking upon debt in order to make purchases. The indicator came in at 1.5 billion pounds in December, a four-month low. This was well-short of the estimate of 2.0 billion. The markets are expecting an improvement in December, with the estimate standing at 1.9 billion.
5.  GfK Consumer Confidence: Friday, 12:05. With the British economy continuing to improve, it’s perhaps surprising that the indicator has been losing ground in recent releases, pointing to a lower consumer confidence. The previous release came in at -13 points, missing the estimate of  -11 points. The December reading is expected to improve, with an estimate of -10 points.

TECHNICAL BEAM
 
  

 This fundamental news "US Unemployment Claims enjoyed another good week, beating the estimate. The pound shot up in mid-week as the British Unemployment Rate dropped to 7.1%, fueling speculation about an interest rate hike." could be the fuel for which the events surrounding the behavior of this pair this week is going to be gauged. Hence, from our analysis, we expect the pair to  post some moderate gains and slides against each other this week. GBP on the other hand is expected to take much of the profits as Fibonacci targets forecast a bullish numbers 1.6883 and 1.7210.

NOTE: Price predictions produced by FibonacciPrice&PatternTrader may be affected by unforeseen events like hurricane, earth quake, flood and other natural disasters consequently changing price patterns already predicted. Hence we advice strict adherence to money management techniques.

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