The GBPUSD broke above the key psychological number 1.3000 and continued to trade higher in a strong fashion way with bullish momentum behind the price. This rally has opened the door for a possible break above August’s high 1.3267 which is also the yearly high price. However, as long as we trade below 1.3267 swings high we can see first a retracement towards support level 1.3150 followed by 1.3100. A break below this important support level will also invalidate the bullish case.
The stochastic indicator is in overbought territory, so early in the week we can expect at least a pause in the bullish run before to decide on the next leg. A break and a daily close above 1.3267 will open the door for a retest of the 1.3340 an important daily pivot point. The UK economic calendar is heavy in terms of risk events that can be the catalyst for higher volatility. On Tuesday we have the CPI inflation figures and based on the market expectation we should see an uptick in inflation. Wednesday we have the Unemployment rate expected at 4.4% and the Employment figures. Thursday is the highlight risk event as the BOE is scheduled to announce its interest rate decision. Traders need to pay attention to how many dissidents are in favor of a rate hike as this can be the signal traders need to speculate on future rates hikes.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 11th to 15th Sept 2017
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