GBPUSD Weekly Forex Forecast – 13th to 17th August 2018
The GBPUSD bearish trend extended further to the downside reaching a new 2018 low at 1.2722. We also broke below the major swing low that was established in August 2017. The downside move looks overextended and based on the stochastic indicator we can already see an extreme oversold reading that can signal a bounce to come sooner rather than later. On the downside the next significant support level is the June 2017 low 1.2589 but more importantly the big psychological number 1.2500 will have more to say.
On the upside, we can note the intraday resistance level 1.2830 followed by 1.2955, and respectively the previous week high 1.3006. The UK economic calendar has scheduled some risk events that can disrupt the market volatility. On Tuesday, the Unemployment data is expected to come flat at 4.2%, the lowest level since 1975. Wednesday, the CPI inflation data is set to give more clarity to the short-term price action. The year-on-year rate of inflation is set to inch higher to 2.5% versus .4% previous reading. Thursday, traders need to keep an eye on the Retail Sales figures.
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