The GBPUSD is currently moving in a very narrow consolidation zone. We have a strong support level at 1.3200, which is currently holding the downside and it’s the bottom of the range. On the upside the 1.3450 followed by the big psychological number 1.3500 acts as a strong resistance. We need a clear breakout of these support and resistance levels in order to see some trend development. The stochastic indicator is also moving away from oversold territory which can help keep the GBPUSD inside the current price range.
For future price development we can expect the GBPUSD to try to fill in the previous week price range, so a retest of the last week opening price cannot be ruled out. In terms of fundamental catalysts that can disrupt the market volatility we have the BOE interest rate decision. According to the general consensus the BOE is expected to keep interest rates on hold at 0.5%. Rising inflation fears and mixed economic figures can make it harder to time the next BOE rate hike. Friday, traders need to keep an eye on the BOE Quarterly Bulletin which can generate some volatility as well.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 18th to 22nd June 2018
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