The GBPUSD price action is trapped in what seems to be a consolidating market. As long as we can’t post a weekly close above the big psychological number 1.2500 we should expect further ranging activity. The first level of support comes in at 1.2350 from where we can see a bounce. On the upside, we only have as significant resistance level the 1.2500 figure, while a break above will expose the March high 1.2615. The stochastic indicator is already in oversold territory and a bounce is due sooner rather than later. The worse than expected NFP figures have failed to inspire dollar weakness, but coming week we can see a different story. The UK economic calendar will bring some notable risk events. Tuesday we have the CPI inflation figures and based on the market consensus we should see a jump in the inflation expectation figures due to the lower pound exchange rate. While on Wednesday we have the UK Employment figures which we need to keep a close eye on. As a proxy risk event we have Janet Yellen speech on Monday which is due to speak at the University of Michigan. Audience questions expected. Previous GBPUSD Weekly Forex Forecast

GBPUSD Weekly Forex Forecast - 10th to 14th April 2017