Firstly, solely on technicals. Cables may go lower. WMA5 has already cross EMA21 and will head towards EMA55. Using fabonacci retractment, the nxt support line is at 2.0206 - not very far away. If WMA5 cross EMA55, the next support will be at 2.0058. Else if WMA5 failed to cross EMA55, the price may rebound to 2.0390 and hovers between EMA21 and EMA55. On the CCI side, most likely CCI(34) will make a oversold condition hitting -150. A good buy time will be when CCA(34) enters the BB(14, 0.9) boundary.
What will then cause the GBP to move down below to 2.0058 or retrace above 2.0390. The news. There are a few big news this week. GBP CPI, US Unemployment Claims and US employment rate. With the recent DOW and the Asian market taking a big dip, this will also affect the prices outcome. If the these news sing in the same tune, you can expect a uni direction next week, else it will be a case of moving between the two price band.
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