The GBPUSD has made a new intraday marginal high and the weekly close above round number 1.3300 suggest that a new cycle to the upside can now start. However, we can’t rule out the possibility for the GBPUSD to fill in previous week price range before another leg to the upside is seen. On the upside, last week high 1.3350 will remain the short-term key resistance. At the same time any rally above 1.3350 should quickly fade away if the bearish case unfolds. However, a daily close above 1.3350 will open the door for a retest of the psychological number 1.3500.
The stochastic indicator is already in overbought condition for quite some time which is also indicative that the bears can have a chance to at least have a try to gain control of GBPUSD. The first level of intraday support comes near last week low at 1.3220 while a break below will open the downside for a retest of big support level 1.3150. The UK economic calendar will only offer us the Bank Stress Test Results scheduled on Tuesday. But we have the US GDP figures which can impact the US dollar crosses.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 27th Nov to 1st Dec 2017
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