The GBPUSD doesn’t have any clear direction as for the last four weeks has been moving in a very wide range between support level 1.3100 and resistance level 1.3350. As long as we’re trading within the limits of this price range we should expect more ranging activity. The price structure might suggest that the bears can have an attempt to test the big psychological number 1.3000. A break and a close below the round number 1.3000 can shift the balance more in favor of the bearish case and open the door for a retest of at least the 1.2900 figure. However since the stochastic indicator is already in oversold territory we can expect early in the week a retest of 1.3150 now becoming a new resistance.
The UK economic calendar will bring one of the most awaited BOE interest rate decision. We don’t have a consensus but the BOE can really hike the interest rates for the first time since the 2007 financial crisis. We also have the Fed interest rate decision, but the Fed is expected to hold rates steady at 1.25% and only hike one more time during the December meeting.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 30th Oct to 3rd Nov 2017
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