GBPUSD Weekly Forex Forecast – 15th to 19th May 2017
The longer GBPUSD consolidates below the 1.3000 big psychological numbers the more violent the breakout will be. In the short term the GBPUSD has been moving inside a very clear ranging market. The main resistance level remains 1.3000, while to the downside we have support level 1.2770. Early in the week we can expect the support level to be tested as the stochastic indicator is already in oversold territory.
A daily break and close below 1.2770 can open up the door for a deeper retracement and a retest of the big round number 1.2500. To the upside, a break above 1.3000 will open up the door for a retest of the 1.3150 next important resistance levels.
The UK economic calendar looks busy with lots of scheduled risk events. On Tuesday the CPI inflation figures will drive the Pound volatility higher. The annualized inflation rate is expected to push higher to 2.6%, up from 2.4%, while we should expect a flat monthly reading. Wednesday will bring the unemployment figures while Thursday we have the UK Retail Sales.
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