The GBPUSD has managed to break to new 2017 year highs. The old 1.2700 resistance level should now act as a new support level. The close above 1.2700 has opened up the door for a retest of the 1.3000 big psychological number from where we can expect the cycle from the January low to correct. Short-term there is a possibility of more consolidation, however, the stochastic indicator is still not in overbought conditions and this is why we can expect first to see a break above 1.2905 last week high.
Usually, when we get near big round numbers there is always first a reaction from these levels before we finally break them. And GBPUSD has intraday resistance at 1.2960 from where it can reach lower and get back inside the previous week range. The only notable risk event coming out from the UK economic calendar is the Preliminary GDP figure for the first quarter of the year. The UK economy is expected to grow at a slower pace, down from 0.6% to 0.4%, while the annualized rate is expected to come at 2.2%. The ongoing debates over the UK snap election will also have a significant threat to the GBP/USD exchange rate.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 24th to 28th April 2017
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