GBPUSD Weekly Forex Forecast – 21st to 25th Jan 2019
The GBPUSD bulls have tried for a very short period of time to break the big psychological number 1.3000, but the attempt failed and we got a weekly close below it. On the upside, the intraday resistance level 1.2923 is the first level the bulls need to overcome, but the big round number 1.3000 remains the line in the sand. A daily break and close above 1.3000 will open up the door for a retest of the intraday resistance level 1.3045. The stochastic indicator is not showing any extreme reading of overbought or oversold conditions.
On the downside, the first level of support comes at the 1.2820 were we can expect the bulls to show up again. The direction for the next week remains for the bullish momentum to get traction. However, a daily break and close below 1.2820 can open the door for a retest of the support level 1.2700 and to fill in the previous week price range. The UK economic calendar has scheduled only one major risk event that can disrupt the market volatility. On Tuesday we have the Unemployment figures which can cause some volatility. As an aside note, we should also keep an eye on the news headlines coming out from Davos, Switzerland were the World Economic Forum will gather together central bankers and finance ministers from around the world.
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