GBPUSD Weekly Forex Forecast – 11th to 15th June 2018
The GBPUSD has had an attempt to regain the big level 1.3500 but it failed and it produced a close below the big psychological number. While this is a confirmation that the bears are still in control, we can’t rule out the possibility of another attempt to challenge the big round number 1.3500. Only a strong breakout and a daily close above 1.3500 can signal a shift in momentum, but until then the downside should prevail.
The stochastic indicator is moving away from oversold territory and it supports the idea of seeing 1.3500 levels retested again. On the downside the first level of interest comes at 1.3240 followed by the current swing low 1.3200. As long as we trade above these two levels we can expect more consolidation. The UK economic calendar is filled with plenty of risk events that can disrupt the market volatility. Monday will bring the Manufacturing Production followed by the Trade Balance figures. Tuesday, traders need to keep an eye on the Unemployment data and Wednesday the CPI inflation figures can give volatility a boost. Last but not least important, Thursday we have the UK Retail Sales.
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