The GBPUSD bullish trend made new progresses, but we’re still trading below the current year high 1.4345. The weekly closing price is what really makes the difference when we’re trading in a range. And the GBPUSD, broadly speaking, is trading in a wide range between resistance level 1.4345 and support level 1.3770. On an intraday basis, we’re currently trading at the support level .14236. On a macro level the more important support levels stand at 1.4086 followed by the big psychological number 1.4500 and as long as we trade above this major level, we can expect the GBPUSD to challenge again the 1.4345 swing high.
The stochastic indicator is moving away from overbought territory, so we need to wait for the stochastic MA to reset before the bulls can have a go. There are major risk events that are scheduled on the UK economic calendar. On Tuesday, the UK Unemployment rate is expected to inch lower to 4.1% versus 4.3%, which can be positive news for the British Pound. Wednesday the CPI inflation figures are forecasted to inch lower to 2.6 while to Core CPI is expected to come flat at 2.7%. Thursday the Retail Sales are the last piece of risk event coming from the UK economic calendar.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 16th to 20th April 2018
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