The GBPUSD has broken above the big psychological number 1.2500 but we got a very weak weekly close below this support level. This indecisiveness suggests that we can expect more range activity in the week ahead. The first intraday support level comes in at 1.2400 level followed by 1.2300 from which levels we can see an upside reaction. However, an early break and close above 1.2500 can suggest that we’re ready to continue moving to the upside without the need to retest 1.2400. The stochastic indicator is also making higher lows indicating a build-up in bullish momentum. Any GBPUSD rally should find resistance at 1.2670 followed by February high.
The UK economic calendar will bring the Manufacturing PMI figures which based on the market consensus we should see a downtick in the manufacturing activity from 55.9 down to 55.7 however, it still remains close to 30-months high. Tuesday we have the US preliminary GDP figures and the market consensus is for a higher reading of 2.1% growth up from 1.9%. On the last day of the week, the Fed Chairwomen Yellen is due to speak about the US economic outlook at the Executives Club of Chicago which can be the catalyst for some volatility.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017 – Bullish
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