GBPUSD Weekly Forex Forecast – 21st to 25th Nov 2016
Last week we saw a much subdued GBPUSD volatility and more exchange rate stability. The price ranges have also narrowed, however, sudden spikes on both sides of the market that can be quickly faded can’t be ruled out. Only a break above the big psychological figure 1.2500 will warn for a deeper retracement. To the downside, we have the first major support level at 1.2250 while a break and a close below this level will open up the door for a retest of the 1.2150 level. The base case scenario still remains for GBPUSD to try and correct to the upside. The stochastic indicator is in oversold territory and GBPUSD has been oversold in multiple time frames for the last 2 weeks.
The UK economic calendar looks mild and the GBPUSD exchange rate will be purely technical driven. The only notable risk event is the UK Preliminary GDP scheduled on the last day of the week. The UK economy experienced higher than expected growth following the Brexit event posting a 2.3% annualized growth rate and the general consensus still see positive growth which can be supportive for GBPUSD rates.
GBPUSD Weekly Forex Forecast – 21st to 25th Nov 2016 – BULLISH
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