GBPUSD Weekly Forex Forecast – 15th to 19th Oct 2018
The GBPUSD has managed to successfully defend the big psychological number 1.3000 and we posted another strong weekly close above it. As long as we trade above the big round number the bullish momentum should prevail. On the upside, we should expect the bulls to try challenge again the resistance level 1.3280. If we post a daily close above 1.3280 this will open up the door for a retest of resistance level 1.3440. The stochastic indicator is showing an oversold reading, which indicates that the bulls can step into the market anytime soon.
On an intraday basis, we can mention the support level 1.3044. Until then there is no support level. Only a break below 1.3000 will signal a shift in the market sentiment and can potentially open the door for a retest of support level 1.2955. The UK economic calendar is full of risk events that can disrupt the market volatility. On Tuesday, the UK unemployment rate is scheduled to be released along with the Average Hourly Earnings. Wednesday will bring the CPI inflation figures, which is the highlight risk event of the week. Inflation is expected to tick lower to 1.8% versus 2.1% previous reading. On Thursday, traders should keep an eye on the Retail sales. On Wednesday and Thursday we also have the EU Brexit summit that can be the catalyst for some swings in volatility.
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