GBPUSD Weekly Forex Forecast – 17th to 21st Dec 2018
The GBPUSD bearish trend has extended to the downside, but the bulls showed up again and defended the big psychological number 1.2500. As long as we trade above the big round number 1.2500 we should expect the current retracement to extend. On the upside the next important level of resistance is at 1.2700 followed by 1.2924 were the bears should show up. The stochastic indicator is in overbought territory, so we can expect first a reaction lower until the stochastic indicator resets itself. On the downside, we can note the first level of support at the intraday pivot 1.2550.
However, in order for the bearish trend to gain more traction we need a daily break and close below the big round number 1.2500. The UK economic calendar is packed with high risk events that can disrupt the volatility and can be the catalyst for some trend development. On Wednesday, we have the CPI inflation figures but the main risk event is the BOE interest rate decision scheduled to be released on Thursday. According to the market consensus the BOE should keep interest rates unchanged at 0.75%.
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