GBPUSD Weekly Forex Forecast – 10th to 14th Sept 2018
The GBPUSD had another attempt to break above the key psychological number 1.3000, but it failed miserably again. The weekly close below 1.3000 suggests that the bears are still in control of this market. On the upside only a daily break and close above 1.3000 can suggest a shift in the market sentiment. This will also open up the door for a deeper retracement and possibly a retest of the next important resistance level 1.3120. The stochastic indicator is in neutral territory and it’s not showing any extreme readings that may suggest a chance in the trend direction.
On the downside the key support level 1.2800 is the bottom of the current trading range that can extend all the way down to the previous swing low 1.2662. There are plenty of risk events scheduled on the UK economic calendar that can disrupt the market volatility. On Monday, there are several risk events starting from the Trade Balance Figures, July’s GDP and ending with the NIESR GDP Estimate. Tuesday, we have the Unemployment rate, but the highlight risk event is on Thursday when the BOE will announce its interest rate policy. According to the market consensus the BOW will keep rates unchanged at 0.75%. BOE’s Carney is also scheduled to speak on Friday.
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