The GBPUSD technical pattern remains bullish and possible, we can see a break above the 1.3000 big psychological number. We need a daily close above 1.3000 to suggest more upside is on the horizon. The price structure suggests that any retracement should be shallow, however, there is still a risk for GBPUSD to fill in the last week range, but for that to happen we need a daily close below 1.2900.
The stochastic indicator in overbought territory and we might see some further range activity early in the week. The UK economic calendar looks soft and there are no major risk events on the docket that can produce a high level of volatility. Monday is also Labor Day and the liquidity should dry away. Wednesday we have the PMI Construction figures which are expected to come flat. Thursday we have the Markit Services PMI figures which are expected to come one tick down to 54.5. The biggest risk event of the week remains the NFP figures scheduled on Friday. Based on the general consensus we should expect a good number of 180k new jobs added while the unemployment rate is expected to tick higher to 4.6%.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 1st to 5th May 2017
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