The bearish GBPUSD trend has extended further to the downside reaching new lows for the year. We still haven’t reached extreme oversold conditions on the 4h time frame, however on the daily time frame we’re already oversold for quite some time. There is still the possibility to see one more leg down towards next important support level 1.3238 before any real bullish momentum to show up. The stochastic indicator still has some room to move further into oversold territory, so the bearish momentum should prevail unless we get a strong rally on Monday which can signal that the low is already in place.
On the upside, the first important level of resistance comes at 1.3400 but the big psychological number 1.3500 remains the land in the sand between the bullish and bearish trend. The UK economic calendar will bring nothing in terms of risk events. Monday is a bank holiday so we should expect low trading activity. Friday will bring the NFP report, which based on the market expectation the US economy, should add 185k new jobs versus 164k previous reading. The unemployment rate should also come steady at 3.9%.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 28th May to 1st June 2018
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