The GBPUSD took a strong dive to the downside breaking through multiple key supports levels. The weekly break and close below the big psychological number 1.3000 has shifted the sentiment to the downside. On the downside, the previous week low 1.2723 is the first level the bulls need to defend but the major swing low established in August at 1.2661 remains the line in the sand. The stochastic indicator is in neutral territory and it doesn’t show any extreme readings that might suggest a reversal. On the upside, the first level of resistance only comes at the intraday level 1.2937 where the bulls can be challenged again.
Only a daily break and close above the big round number 1.3000 can signal a change in the trend direction. However, as long as we trade inside the range established between the swing low 1.2661 and 1.3200 we should expect more consolidation. The UK economic calendar doesn’t give us any major risk event that can disrupt the volatility. The only risk event that poses a threat for the Pound is the Inflation report Hearings scheduled on Thursday.
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Previous GBPUSD Weekly Forex Forecast
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