GBPUSD Weekly Forex Forecast – 14th to 18th 2019
The GBPUSD continues to trade above the key 200 moving average, which also aligns perfectly with the key support level 1.2700. As long as we trade above these two key levels we should expect the bullish momentum to prevail. However, a daily break and close below 1.2700 can open the door for the GBPUSD to enter inside the previous trading range and to possibly open the door for a retest of the big psychological number 1.2500. The stochastic indicator doesn’t show any signs of extreme overbought or oversold readings, so we should be expecting any significant reversal.
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On the upside, the first level of interest is the resistance level 1.2820. A daily break and close above should open the door for a retest of the resistance level 1.2920. The UK economic calendar will bring some highly risk events that have the potential to disrupt the market volatility. On Tuesday we have the anticipated UK Parliamentary vote on Brexit, which can give more clarity to the price action. On Wednesday, we have CPI inflation figures, which according to the market consensus we should expect a flat reading on 2.3%. The G20 meeting scheduled on Wednesday and Thursday can also produce some news headlines that can impact the Forex exchange market.
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