The GBPUSD bullish trend is holding firm ahead of the UK general election. The GBPUSD bullish trend is still firm and solid, however, as long as we still trade below the big psychological number 1.3000 there is still a risk that we can have a deep correction. The stochastic indicator is not quite in oversold conditions so early in the week we can expect a push to test the 1.3000 resistance level. On the downside, we have the last week low 1.2769 followed by the 1.2752 as a support level. A daily break and close above 1.3000 can initiate a resumption of the bullish trend, however, a daily close below 1.2752 support level can signal a deeper correction.
The highlight risk event of the week is without a doubt the UK general elections. The General Election’s latest polls show the Conservative party still leading but the gap between the Conservatives and the Labour party has continued to narrow. The Conservatives lead in the polls with 43.2%, followed closely by the Labour party with 36.9%. The faith of Brexit negotiation will be decided by the UK general elections so generally, we should expect higher volatility. The UK economic calendar looks empty this week. The major (and that’s with a capital M) risk event is in the 8th June snap election.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 5th to 9th June 2017
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