The GBPUSD managed to defend the big psychological level 1.4000 and posted a strong weekly close above it. Last week late rally was motivated by the weaker than expected NFP report, which can provide further fuel for the bullish trend. As long as we stay above the big round number 1.4000, we should expect the GBPUSD to challenge our next level of resistance at 1.4244. A daily break and close above 1.4244 can open the door for a retest of the current yearly high 1.4315 level.
The stochastic indicator is rapidly moving into overbought territory, so early in the week we need to be nimble while we wait for the stochastic indicator to rest. If the 1.4000 level manage to hold the downside during the retest than the bulls can have the momentum on their side again. However a daily break and close below 1.4000 can open the door for a deeper retracement into support level 1.3900. The UK economic calendar has some notable risk events that can disrupt the market volatility. Tuesday will bring the NIESR GDP estimate for the first 3 months of the year while on Wednesday the Manufacturing Production and Trade Balance figures will drive the currency exchange rates. Before the week finishes, the BOE’s Carney is also due to speak at the Canada Growth Summit, in Toronto on Thursday.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 9th to 13th April 2018
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