The GBPUSD technical pattern has turned into a strong bullish trend after we broke above the big psychological number 1.3000. The weekly close above 1.3000 has open up the door for a retest of the 1.3300 the next significant resistance level. On the downside the 1.3047 followed by 1.3000 remains key support levels. The stochastic indicator is already in overbought territory and this might indicate further consolidation until we get a rest of the stochastic. A break above last week high 1.3124 will give us a signal that we’re in a strong bullish trend and more upside should be expected.
The UK economic calendar has plenty of risk events on the docket. On Tuesday we have the CPI inflation figures that can be the catalyst for some market volatility. On Wednesday we have the Inflation Report Hearings which is market as a high risk event. Last but not least on Thursday we have the UK Retail Sales figures which as per the general consensus are expected to come better than the previous -1.2% reading.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 17th to 21st July 2017
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