GBPUSD Weekly Forex Forecast – 28th Jan to 1st Feb 2019
The GBPUSD has successfully broken above the big psychological number 1.3000 managing to post a strong weekly close above it. We’ve broken through several key resistance levels, which now should become support levels. On the downside, the first level of interest comes at the support level 1.3044. However the line in the sand remains the big round number 1.3000. A daily break and close below can shift the momentum to the downside and we can possibly see a retest of the pivot level 1.2923. The stochastic indicator is in overbought territory, which suggests that early in the week we can see the bulls resting. On the upside, the previous week high 1.3217 is the first level of resistance.
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We can’t rule out the possibility of another break above, however any break should quickly fade away especially if we’re still in overbought territory. The only major risk event scheduled on the UK economic calendar is the UK parliamentary vote on Brexit Plan B. On Tuesday, the Prime Minister May is looking to find support from MPs across the political spectrum for an alternative Brexit deal. This event can cause some big market moves and it can disturb the market volatility. On Monday, BOE Governor Carney is also due to participate in a question and answer session, along with other MPC members, about the future of money at the Bank of England’s Future Forum, in London.
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