GBPUSD Weekly Forex Forecast – 16th to 20th July 2018
The GBPUSD has failed to close below the key support level 1.3100 and posted a strong reaction higher. It seems that Cable is in the process of establishing a wide trading range between 1.3050 swing low and resistance level 1.3360. In between these two levels we have the intraday resistance level 1.3240, which is kind of a pivot point. While we trade inside these levels we should expect more ranging activity. On the upside, only a break above 1.3360 will signal the start of a new trend developing.
However, the line in the sand remains the big psychological number 1.3500 where we can possibly see a reaction lower. The stochastic indicator is in neutral territory, so we don’t have any extreme overbought or oversold readings. We can notice some key risk events that can drive the GBPUSD volatility higher. The first thing scheduled on the UK economic calendar is the Unemployment figures scheduled on Tuesday. But, the big piece of risk event is Wednesday when we have the CPI inflation figures which are expected to inch higher to 2.6% versus 2.4% previous reading. The BOE Governor Carney is also due to testify, along with BOE Deputy Governor Jon Cunliffe, on the Financial Stability Report before the Treasury Select Committee
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