GBPUSD Weekly Forex Forecast – 12th to 16th Feb 2018
The GBPUSD has successfully broken below the big psychological number 1.4000 and has posted a deep close below. We can’t rule out the fact that this is just a retracement because the trend is still up for GBPUSD. Only a break and a close below the current year high can suggest that we’re done for the upside. Moving forward, last week low 1.3763 can provide us with the needed support level for this down move.
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However, a break and a daily close below can send GBPUSD to next important support level 1.3650. On the upside the next major resistance only comes at the big round number 1.4000 followed by 1.4045. The stochastic indicator is already in oversold territory so an attempt to bounce can be seen early in the week. The UK economic calendar only has a few major risk events scheduled for the week ahead. On Tuesday the CPI inflation figures are expected to inch lower to 2.9% versus 3% previous reading. On Friday, we also have the UK retail sales which based on the market consensus we should expect a reading of 1.5%.
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