The GBPUSD has successfully broken above the big psychological number 1.4000 after the BOE has signaled a more hawkish tone to their interest rate policy. Moving forward, we should expect as long as we trade above 1.4000 the bullish momentum to prevail. Only a daily break and close below 1.4000 can put an end to the current bullish run. On the downside the next important support level only comes at 1.3900.
The stochastic indicator is in neutral territory and it suggests that the current rally can continue to develop to the upside. For now last week high 1.4216 remains our first level of resistance. However a daily close above 1.4216 can open up the door for a retest of the current year high 1.4315. A further break to the upside can be the start of a much bigger bullish trend. The UK economic calendar will bring the final GDP figures for the last quarter of 2017 which is the only notable risk event scheduled to be release. Also on Friday banks will be closed due to the Good Friday bank holiday.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 26th to 30th Mar 2018
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