The GBPUSD has consolidated the recent gains and only closes the week slightly down from where it opened. We’re still trading above the big psychological number 1.3500 but we were only able to post a marginal weekly close above the round number. In this regard, we can’t rule out a deep below 1.3500 for a retest of intraday support level 1.3350.
The stochastic indicator also as some room left until it really enters in oversold territory, so it supports the idea of an early retest of 1.3350 before the bullish trend resume. Last week low 1.3450 remains another significant support level while on the upside, we have 1.3657 resistance level. A break and a daily close above last week’s high will open up the door for a retest of the 1.4000 big round numbers.
The UK economic calendar has enough risk events to cause some volatility in the market. On Monday we have the Financial Policy Committee, which includes assessment of potential risks to financial stability. Tuesday we have the Inflation Report Hearings while on Wednesday we have the UK GDP figures for the second quarter. The UK is expected to post an annualized rate of 1.7% economic growth rates. On Thursday, the US GDP figures are the main risk event and based on the market consensus we should expect the US economy to publish an impressive 3% growth rate.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 25th to 29th Sept 2017
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