The GBPUSD after another round of sell off has managed to find some strong support level in the region of the big round number 1.3000. The strong weekly close above the big psychological number gives us strong reasons that we may be in the process to establish a swing low. As long as we trade above last week low 1.2955 the bulls should remain in control. Only a break below 1.2955 will open the door for further weakness.
On the upside, the intraday resistance level 1.3120 needs to be cleared out before the bulls have a chance. A daily break and close above 1.3120 will open the door for a retest of our next important resistance level 1.3280. The stochastic indicator is already in overbought territory, so we might see the bulls slowing down early in the week. The UK economic calendar doesn’t have anything interesting in terms of risk events. The BREXIT negotiation and the political turmoil around May’s cabinet can be the catalyst for some volatility. The UK member parliament have submitted a latter of no confidence vote which can overturn May’s cabinet.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 23rd to 27th July 2018
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