The GBPUSD weekly closing price below the big psychological number 1.3500 is a clear sign that the bears are still in control of this market. Even though the downside seems a little bit overstretched, we should expect the bearish momentum to prevail while we still trade below 1.3500. On the downside the next important support level only comes around 1.3340 from where we should expect the bulls to have another chance to drive GBPUSD higher. On the upside the first area of interest is the big psychological number 1.3500 followed by 1.3615 which is the top of the current consolidation. Only a daily break and close above 1.3615 can suggest that a swing low is in place, which is more important than the big round number 1.3500.
The stochastic indicator has reached oversold territory but the slow moving average still has room to fall before we reach extreme oversold readings. The UK economic calendar is full of risk events that can disrupt the market volatility. On Tuesday, the Inflation Report Hearings is scheduled to be released. Wednesday will bring the CPI inflation figures which are expected to inch lower to 2.3% versus 2.5% previous reading. Last but not least, Friday will bring the UK GDP numbers for the first quarter of 2018. The UK economy is expected to
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GBPUSD Weekly Forex Forecast – 21st to 25th May 2018
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