Fundamental view:

Pound traded low against dollar in the current week. UK Prime Minister Boris Johnson is set to announce a four-week delay to the last stage of the reopening. July 19 is the new June 21.  This acted as a major catalyst in the pound weakening.

Britain Halifax HPI yearly report on 7th June and Britain BRC Retail Sales yearly report on 8th June frames downtrend for the  pair whereas US Core CPI monthly report on 10th June, US Initial Jobless Claims 4-Week Average on 10th June frames uptrend for the pair.

The major economic events deciding the movement of the pair in the next week are UK Claimant Count Change, BoE Governor Bailey Speech, US Retail Sales monthly report, Fed Industrial Production yearly report at Jun 15, US EIA Crude Oil Stocks Change, Fed Interest Rate Decision at Jun 16, US Philadelphia Fed Manufacturing Index, US Initial Jobless Claims at Jun 17 and UK Retail Sales monthly report at Jun 18.  

GBP/USD Weekly outlook:

Technical View:

Last week’s high was 0.41% lower than the previous week. Maintaining high at 1.4190 and low at 1.4072 showed a movement of 118 pips.

In the upcoming week we expect GBP/USD to show a bearish trend.  The currency pair is trading below the 100 Simple Moving Average and the MACD trades to the downside. A solid breakout below 1.4057 may open a clean path towards 1.4005 and may take a way down to 1.3939. Should 1.4175 prove to be unreliable resistance, the GBPUSD may raise upwards 1.4241 and 1.4293 respectively. Chart formation of triple top pattern in H4 chart favors prospects of a bearish trend. Three black crows pattern formation escalates the expectation for a bearish trend.