The GBPUSD pullback stopped right at our suggested support level 1.3150. The weekly close above this support level suggests that the bulls are in control. However, we’re still in a trading range and for a trend development to happen, we really need a break above 1.3350 resistance level. As long as we’re trading within this price range we can’t rule a breakout to the downside as well. The stochastic indicator is moving away from oversold territory but a close below previous week low 1.3087 will open the door for a retest of the big psychological number 1.3000 and even further down if we break below. On the upside a break above 1.3350 will expose the big round number 1.3500. The UK economic calendar will bring some important risk events that can impact the GBP/USD volatility. On Wednesday, we have the UK GDP figures for the 2017 Q3, which based on the market consensus we should expect a lower reading of 1.4% versus 1.5% previous reading. Also, Friday we have the US GDP figures which are expected to disappoint the market with a reading of 2.6% versus 3.1% in Q2. Previous GBPUSD Weekly Forex Forecast

GBPUSD Weekly Forex Forecast - 23rd to 27th Oct 2017