The GBPUSD continues to trade in a frustrating range and with the holiday season approaching very quickly we should expect the liquidity to dry out. The current price range is established between 1.3320 support level and resistance level 1.3550. The weekly close is also near our support level but we can’t rule out a false break to the downside and retest the 200 EMA before we return back into the range. The big psychological number 1.3500 remains our major resistance level and only a break and a daily close above can suggest that the bulls have regained control of the market. The stochastic indicator is also in oversold conditions so if the purposed false break to the downside doesn’t happen early in the week we can expect the rally to gain momentum much sooner.
The UK economic calendar only has one major risk event scheduled next week. The UK GDP Q3 figures are expected to come flat at 0.4% while the annualized rate is expected at 1.5%. At the same time, the US GDP figure is also scheduled to be released on Thursday. Based on the general consensus the US economy is expected to grow by 3.3%.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 18th to 22nd Dec 2017
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