GBPUSD Weekly Forex Forecast – 13th to 17th Nov 2017
The GBPUSD price action continues to be stuck inside a very frustrating and narrow range. The top of the range is at 1.3350, which is our first important resistance level. The bottom of the range is at 1.3030 but really what counts more is the big psychological number 1.3000. On an intraday basic level we have the first support level 1.3150 which can dictate the short-term momentum. Only a break and a close below the big round number 1.3000 can signal a trend continuation and since the stochastic indicator is already in overbought territory we might see and rally quickly fading away. However, a break and a daily close above 1.3350 can shift the momentum to the upside and target even higher levels.
The UK economic calendar will bring early in the week the CPI inflation figures which, based on the market consensus are expected to inch higher to 3.1% versus 3% previous reading. On Wednesday traders should focus on the UK unemployment rate and employment figures. Last notable thing on the UK calendar is the Retail Sales which are expected to get hit hard as the forecast project a reading of -0.8%.
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