The GBPUSD has closed the previous week slightly unchanged. The weekly close above the big psychological number 1.3000 only gives the bulls the upper hand in the short-term. The long-term trend remains to the downside so a close below 1.3000 can be the signal that the bearish trend is resuming. The first level of support comes at 1.3044 followed by 1.2955 where the bears can find some troubles. The stochastic indicator is in neutral territory, so there are no extreme readings to show overbought or oversold conditions in the market. On the upside the first level of resistance comes at 1.3170.
Only a break and close above 1.3170 can open the door for Cable to try to challenge again last week high near the resistance level 1.3280. There is no major risk events scheduled on the UK economic calendar for the upcoming week. However, from the other side of the monetary policy spectrum, we have the Fed interest rate decision. The market is pricing in a 90% probability of a rate hike from 2% to 2.25%. Other than that on Friday we have the revised UK GDP figures for the second quarter.
Previous GBPUSD Weekly Forex Forecast
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