The GBPUSD has managed to reverse and recoup some of the previous losses. The support above the big psychological number 1.3000 has seen buyers step in and as long as we remain above this pivot level, there is a higher chance of more upside to be seen. Short-term the first level of resistance comes in at 1.3340 while a break and a daily close above will expose a run towards the next big resistance level 1.3500. The stochastic indicator is in overbought territory but the sharp move from oversold condition is not an indication of an overbought market quite contrary we can expect more buyers showing up. On an intraday basis the 1.3150 should hold any downside pressure if the bulls are really in control.
The UK economic calendar has some notable risk events that can be the catalyst for some volatility. On Tuesday the inflation CPI figures will do the rounds. The annualized inflation rate is at 2.9% well above BOE’s target. Wednesday, traders should keep an eye on the Unemployment rate and the Inflation report hearings. Last but not least, we can note the UK Retail Sales scheduled on Thursday as well.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 16th to 20th Oct 2017
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