Previous GBPUSD Weekly Forex Forecast
The GBPUSD managed to recover above the pre-GBP flash crash level 1.2600 despite the broad based dollar strength. The Pound was the only major currency pair to rally against a very volatile US dollar, which experienced a strong bid after initially selling hard due the news over the US elections. Technically speaking, there is scope for a retest of the 61.8 Fibonacci retracement at the 1.2900 level. There is not much of any resistance underway and the stochastic indicator is pointing towards a buildup in bullish momentum.
Early in the week we can expect a retest of the big psychological number 1.2500 before the current bullish trend to resume. This action is supported by the stochastic overbought conditions which need to reset to allow further upside movement.
The UK economic calendar looks heavy and the first major risk event is on Tuesday when we have the CPI inflation figures. The Pound slump is going to help the UK inflation forecast and the general consensus is for an up-tick in the CPI inflation figures from 0.2% to 0.3%.
GBPUSD Weekly Forex Forecast – 14th to 18th Nov 2016 – BULLISH
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