GBPUSD Weekly Forex Forecast - 19th to 23rd Mar 2018

GBPUSD Weekly Forex Forecast – 19th to 23rd Mar 2018

GBPUSD Weekly Forex Forecast – 19th to 23rd Mar 2018

The GBPUSD has once again had a failed attempt to break above the big psychological number 1.4000. The inability to close above the big round number 1.4000 suggests that for the time being we can expect more consolidation. Any rally above 1.4000 should quickly fade away and the 1.4045 resistance level can put a cap to the bullish momentum. On the downside the 1.3770 remains the bottom of the current range which should act as support.

A break and a daily close below our support level can open up the door for a retest of 1.3570 our next significant support level. The stochastic indicator remains in neutral territory which means we don’t have any extreme positioning in the market that might suggest a reversal. On the upside the current yearly high 1.4315 remains the most crucial level for the bears. The UK economic calendar is heavy on major risk events that can disrupt the market volatility. Tuesday the CPI inflation figure is expected to be release. According to the market consensus the annualized inflation rate is expected to inch lower to 2.9% versus 3.0%. Wednesday, we have the Unemployment rate while Thursday the BOE interest rate decision is the highlight risk event of the week. The interest rate policy is expected to remain unchanged.

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GBPUSD Weekly Forex Forecast – 19th to 23rd Mar 2018

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