Fundamental view:

The British pound showed a mixed trend last week.  British pound is going to be very volatile look at the Brexit situation not getting any more clarity. Furthermore, if we get some type of major “risk off move”, it could drive money into the US dollar. Finally, closing down the United Kingdom from an economic standpoint, so that does not help the situation either.

The major economic events deciding the movement of the pair in the next week are NY Fed Empire State Manufacturing Index at Nov 16, BoE Governor Bailey Speech, US Retail Sales monthly report at Nov 17, US Building Permits at Nov 18, US Initial Jobless Claims at Nov 19, UK Retail Sales monthly report and G20 Meetings at Nov 20. 

 GBP/USD Weekly outlook:

Technical View:

Last week’s high was 1.03% higher than the previous week. Maintaining high at 1.3313 and low at 1.3106 showed a movement of 207 pips.

In the upcoming week we expect GBP/USD to show a bearish trend.  The currency pair is trading above the 200 Simple Moving Average and the MACD trades to the downside. A solid breakout below 1.3092 may open a clean path towards 1.2995 and may take a way down to 1.2885. Should 1.329 prove to be unreliable resistance, the GBPUSD may raise upwards 1.3410 and 1.3506 respectively. Chart formation of rising wedge pattern in H4 chart favors prospects of a bearish trend. Spinning top pattern formation escalates the expectation for a bearish trend.