The GBPUSD managed to break to new yearly high levels touching 1.4347, but it has posted a strong bearish reversal bar. The big psychological number 1.4000 has stopped the downside and the fact that we haven’t been able to post a weekly close below it can signal that a pullback is in cards next week. The selloff was too quick and too fast which has brought the stochastic indicator in oversold territory.
On the downside, we can expect any sell off below the round number 1.4000 to be quickly bought. But the next important support levels come at 1.3900 which can be seen if we break and close below 1.4000 on a daily basis. On the upside, the first resistance is at 1.4086 followed by 1.4180 which can be tested if we have a deep retracement next week. There is only one notable risk event scheduled on the UK economic calendar. On Friday the UK economic growth rate is going to be released. The market consensus is for a modest reading of 0.4% GDP growth rate. The UK is the only economy that is slowing down and that is partially due to Brexit –related uncertainty. On Friday the BOE Governor Carney is due to speak at the launch of the BOE’s economic education program, in London.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 23rd to 27th April 2018
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