The GBPUSD has ended the previous week almost on a flat note. Last week sell off found a bottom at 1.2774 which now is the key support level going forward into the new week. However, first we need a break below 1.2840 to open up for a possible retest of last week low. The stochastic indicator is already in oversold conditions so we might see first at least a pause in the current rally. On the upside 1.2918 intraday resistances is the first hurdle for the bulls. But, the major resistance level remains the big psychological number 1.3000. A daily break and close above this figure is very bullish and it can be the start of another leg higher possibly toward a new year high.
The UK economic calendar will not bring any notable risk event that can prop higher the GBP/USD volatility. Monday we’ll have low activity due to Summer Bank Holiday. The only significant risk event is the Inflation Report Hearings scheduled on Wednesday. From the other side of the Atlantic Ocean, we have the NFP report on the first Friday of a new month. Based on the market consensus we should expect a figure below the 200k mark of only 185k versus 209k previous reading.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 28th Aug to 1st Sept 2017
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