GBPUSD Weekly Forex Forecast – 14th to 18th May 2018
The GBPUSD has briefly broken below the big psychological number 1.3500 but the weekly close above suggests that the bulls still got a chance to at least see some correction. The first major resistance levels only come at 1.3712 but in order to see it retested again we still need a daily break and close above last week high 1.3617. On the downside the big round number 1.3500 followed by last week low 1.3460 remains our first support levels.
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A break and a daily close below 1.3460 will open the door for a retest of the next important support level 1.3340. The stochastic indicator is in neutral territory which means we should expect some more range bound activity until we get to extreme overbought – oversold readings. The UK economic calendar has some notable risk events that can be the catalyst for some volatility. On Tuesday we should expect the Unemployment figures to come out, followed by the Inflation Report Hearings. The UK Unemployment rate fell to a 42-year low of 4.2% and based on the market consensus we should expect further improvements in the labor market. The unemployment rate is set to inch lower again to 4.1%.
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