GBPUSD Weekly Forex Forecast – 14th to 18th Aug 2017
The GBPUSD has manage to break below the big psychological number 1.3000 for a brief period of time. However, neither the bulls nor the bear managed to take control of the trend. Even though we have a marginal weekly close above 1.3000 that’s still not enough for the bull case. There is still a risk to take another deep towards at least 1.2900 first level of support. Only a daily close below 1.2900 will truly warn of a bigger pullback possibly towards 1.2720. On the upside the first level of resistance comes at 1.3114. A break and a daily close above will open up the door for a retest of 1.3300 next important resistance levels. The stochastic indicator is in oversold territory, so the bullish case has bigger chances of success.
The UK economic calendar will bring some big news events that can drive the market volatility higher. On Tuesday we have the CPI inflation figure, which right now is the main market driver as is one of the factors that gauge the interest rate forecasts. Wednesday, we have the UK Unemployment rate is at 4.5% a level not seen since 1970. Last but not least, on Thursday we have the UK retail sales which, you need to keep an eye on.
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