The GBPUSD has managed to get back inside the previous trading range after a false breakout down to the support level 1.3100. Last week low, now remains critical for the bulls and as long as we stay above it we can see more consolidation. However a break below 1.3100 will expose the big psychological number 1.3000 from where the bulls can have another chance to take control over the GBPUSD. The stochastic indicator is already in overbought territory, so we need more time until a reset happens in order for the bullish momentum to appear again.
On the upside, we have the 1.3450 top of the range followed by the big psychological number 1.3500. Only a daily break and close above the big round number 1.3500 can suggest that a major swing low is put in place otherwise we should expect more consolidation. The UK economic calendar will bring BOE Governor speech on Tuesday which is due to hold a press conference about the Financial Stability Report and Bank Stress Test results, in London. Friday, traders need to keep an eye on the final UK GDP figures for the first quarter of 2018.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 25th to 29th June 2018
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