The GBPUSD has successfully managed to break and close above the 1.3000 big psychological number. The weekly close above 1.3000 adds further strength to the bullish case, however, in the short-term, we can still see a break back below 1.3000 and retest 1.2940 intraday support level without to alter the upward trend. The stochastic indicator is already in the overbought territory and so we should expect at least some consolidation before the bullish trend to resume. To the upside the next resistance level is the 1.3100 round number followed by 1.3170 intraday support level where we can expect a high to be formed.
On the UK economic calendar the first risk event is on Tuesday when we have the Inflation Report Hearings were BOE Governor Carney will testify on inflation and the economic outlook before Parliament’s Treasury Committee. Wednesday we have the FOMC Minutes which can give traders further insights into the Fed’s interest rate outlook. On Thursday the UK second estimate GDP figures are scheduled to be released and it can be the source of some market volatility.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 22nd to 26th May 2017
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