The GBPUSD managed to briefly break below the big psychological number 1.3000 but it couldn’t post a weekly close below it. However, the weak close above 1.3000 still suggests that the bulls are very weak, otherwise they would have the power to defend this key support level. The primary trend remains to the downside so the bearish momentum should prevail. On the upside, the intraday resistance level 1.3044 is the first level where the bears can show up again. A break and a daily close above 1.3044 should open the door for a retest of the 1.3170 next resistance level.
The stochastic indicator is already in oversold territory, so in the very short-term, we should see the bears taking a pause. On the downside, the key support level that you should keep an eye on is the 1.2955 which aligns perfectly with the 200 moving average giving us more confluence. But the more important support is the 1.2800 level where we can expect a bounce. The UK economic calendar has some risk events that can disrupt the market volatility. Monday will bring the Markit Manufacturing PMI, Thursday the PMI Construction and Wednesday the Markit Services PMI should give more clarity to the price action.
Previous GBPUSD Weekly Forex Forecast
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