The GBPUSD has spent all the previous week in a very definite trading range. The low of the range is 1.2633 support level and previous week low. On the upside, we have an intraday resistance level at 1.2816 but the next important resistance level is around the 1.2900 level. A break above this level will expose a possible retest of the big psychological number 1.3000.
The stochastic indicator is already in overbought territory which suggests that the higher probability is for any rally to be quickly faded. The first intraday support level is at 1.2720 while a break below 1.2633 will open the door for more downside and a possible retest of the round number 1.2500. The UK economic calendar looks empty, however the biggest risk event for the GBPUSD exchange rate is the start of Brexit negotiation scheduled to begin on Monday, June 19. The UK Prime Minister May has reaffirmed the UK position to start the negotiation early despite the UK election results which can make it harder now to obtain a favorable deal with Brussels. Carney’s Mansion House speech will be delivered on Tuesday which will be another major risk event after the BOE has seen 3 dissidents voting for a hike in interest rates.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 19th to 23rd June 2017
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