The GBPUSD is in the process of reversal after successfully, it managed to break and close above the 1.2300 important resistance levels. Any retracement should be shallow now and we should see GBPUSD slowly drifting higher. The first major resistance level is the psychological number 1.2500 and a break and a close above it will signal that an important swing low is in place.
Reversals can take place in many shapes and the first stage can be very fast so we can’t rule out even a retest of February’s high 1.2700. The stochastic indicator is also showing strong bullish momentum and we have also closed above the 200-day EMA which adds more strength to our bullish case.
The UK economic calendar will bring the UK CPI inflation figures on Tuesday. Based on the market consensus we should see an uptick in inflation from 1.8% up to 2.1%. On Thursday, traders need to pay attention to the UK Retail sales, which latest forecasts show an extreme optimism. The Brexit bill to trigger the Article 50 will also be a catalyst for some volatility in the market.
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GBPUSD Weekly Forex Forecast – 20th to 24th Mar 2017
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