GBPUSD Weekly Forex Forecast – 22nd to 26th Oct 2018
The GBPUSD bulls have managed to hold the pair above the big round number 1.3000 and we posted a strong close that is indicative that the bulls are still controlling this market. Only a break and a daily close below the big psychological number 1.3000 can suggest a reversal. But we also can’t rule out the possibility of a false breakout towards the first level of support 1.2955. A daily close below 1.3000 will then open a deeper sell-off towards the big support level 1.2800 from where the bulls can have a chance to bring cable back up.
The stochastic indicator is in neutral territory and it’s not showing any signs of extreme overbought or oversold readings. On the upside, the first level of interest is the resistance level 1.3170, but the key resistance level 1.3280 is where the bulls can be challenged again. The UK economic calendar doesn’t have any risk events that can cause some volatility. In this regard, we should expect a more technical driven market.
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