The GBPUSD has seen a retracement below the big psychological number 1.3000 and give back some of the previous gains. The weekly close below the big round number 1.3000 is bearish and can push GBPUSD to retest 1.2880 the next significant support level. A break and a daily close below 1.2280 will open up the door for a deeper retracement. The stochastic indicator has moved away from oversold territory so we have room to move to the downside further. However a daily break and close above the big round number 1.3000 will is again bullish and will put in focus last week high 1.3124 level. The UK economic calendar will bring on Wednesday the Preliminary GDP figure for the second quarter of 2017. Based on the market consensus the UK economy is expected to grow by 0.3% in Q2 up from 0.2% previous reading. The annualized UK GDP rate is expected to slow down at a 1.7% rate. On Wednesday we also have the Fed interest rate decision but without press conference. Based on the market forecast the Fed is expected to keep interest rates unchanged at 1.25%. Friday we have the US GDP figures which based on the market consensus we should expect 1.3% growth rate in the second quarter of 2017. Previous GBPUSD Weekly Forex Forecast

GBPUSD Weekly Forex Forecast - 24th to 28th July 2017