The GBPUSD is pulling back and slowly retracing into the previous rally. Last week we moved in a very narrow range but slightly to the downside. Current sell-off looks corrective in nature, but we can still see further downside as long as we trade below the big psychological number 1.3000. The stochastic indicator has only now entered into oversold territory but this is not yet a clear indication of a reversal.
On the downside we have the first major support level at 1.2800 while a break and a daily close below this level will put further pressure and will most likely open up the door for a retest of 1.2700 next support level. On the upside, we only have 1.2930 as intraday resistance, but the real resistance stands at the big round number 1.3000.
The UK economic calendar will bring only medium risk events. On Tuesday the Inflation Report Hearings will be the main risk event followed by the UK Unemployment figures scheduled on Wednesday. On Thursday the Fed Chairwoman Janet Yellen will testify before the Congress. This is a big risk event that has the potential to disrupt the market volatility.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 10th to 14th June 2017
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