The GBPUSD has produced an inside weekly bar which can signal that we can still see more ranging activity in the coming week. As long as we trade above last week low 1.3855 the consensus remains for more consolidation. However, a break below and a daily close below 1.3855 can open up the door for a retest of the next important support level 1.3570.
The stochastic indicator is in neutral territory and we don’t see any signs of major extreme positioning in the market. On the upside, last week high 1.3930 remains our resistance level but the first break can see some sellers and the market to retrace back into the range. The line in the sand remains the big psychological number 1.4000. A break above this round number can suggest that we’re ready to resume the bullish trend. The UK economic calendar doesn’t have any major risk event scheduled beside the Annual Budget report. The budget release outlines the government’s budget for the year and can be the catalyst for some volatility.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 12th to 16th Mar 2018
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