GBPUSD Weekly Forex Forecast – 10th to 14th Dec 2018
The GBPUSD trading range is compressing and as long as we trade inside the upper limit resistance 1.2800 and downward limit support 1.2665 we should expect this indecisiveness to continue. Only a daily break and close above the resistance level 1.2800 can open the door for more strength. On the upside, we need to keep an eye on the next resistance level which only comes at 1.2937. However, the big psychological number 1.3000 remains the line in the sand between the bulls and the bears. Only a daily break and close above 1.3000 can be the catalysts for a material change in the trend direction.
The stochastic indicator is in neutral territory and it’s not showing any extreme readings that can suggest a change in the trend direction. On the downside, the next important support level only comes at the big round number 1.2500. The UK economic calendar will bring major risk events that can set new trends. On Monday, the monthly GDP figures will set the tone and the following day we have the UK parliamentary vote on BREXIT plan which can disrupt the market volatility. Tuesday will also bring the Unemployment figures which can give further clarity to the price action.
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