The GBPUSD has finally managed to break above the key pivotal level 1.3657 confirming the bullish case scenario. As long as we trade above1.3657, which should now act as support, the bullish momentum should prevail. However, a break and a daily close below will once again send GBP/USD into consolidation if not reversal mode. On the upside the next important resistance level that we need to keep an eye on only comes in at the big psychological number 1.4000. Since the stochastic indicator is already in overbought territory we can expect early in the week to see a pause in the current bullish run so the stochastic indicator has time to reset itself.
We can also note possible intraday resistance levels at 1.3850 from where a reaction lower can be expected. The UK economic calendar has some high risk events that can be the catalyst for some volatility. The CPI inflation figures are scheduled on Tuesday and the annualized rate is expected to inch higher to 3.2% versus 3.2% previous reading. We can also mention Friday’s Retail sales figures and on Monday the Martin L. King holiday.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 15th to 19th Jan 2018
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