The GBPUSD had an impressive rally that was motivated by BOE interest rate hawkish rhetoric. The BOE signaled that it might raise the interest rate in the “coming months” which has sent the GBPUSD to levels not seen since the Brexit day. We don’t have a lot of resistance to the upside couple with the current bullish momentum warns us that we should continue moving higher in the coming week. On the upside, the first level of resistance remains last week high 1.2614. The reason why the current rally can continue during coming week is because we don’t have any resistance left until the big psychological number 1.4000 from where we can see a reaction lower.
The stochastic indicator is already in an overbought condition which may cause early in the week a retest of the round number 1.2500 before a reaction higher to happen. The UK economic calendar doesn’t have much to offer us in terms of risk events. The only notable risk event is the UK retail sales, which based on the market consensus should give us a flat reading. From the other side of the Atlantic Ocean, we have the Fed interest rate decision which is the highlight risk event of the week.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 18th to 22nd Sept 2017
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