GBPUSD Weekly Forex Forecast – 27th to 31st August 2018
The GBPUSD has managed to post the first positive week in about 6 weeks and this gives hope to the bulls for more constructive gains in the coming weeks. However, as long as we trade below the big psychological number 1.3000 the bearish sentiment should prevail. On the upside, the first level of interest is the previous week high 1.2935. We need a daily break and close above this level before the bulls can have a chance to challenge again the big round number 1.3000.
The stochastic indicator is bouncing from oversold conditions which are the perfect conditions that the bulls need right now. But, we can’t rule out the possibility for the GBPUSD to retest last week low or even go as deep as to retest the previous swing low at 1.2660. On the fundamental side, the UK economic calendar will only bring moderate risk events that can disrupt the market volatility. But, first we start the week with the UK Summer Bank holiday on Monday. On Tuesday, traders will need to shift their focus to the Inflation Report Hearings and Friday the GFK Consumer confidence data should give more clarity to the price action.
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