Previous GBPUSD Weekly Forex Forecast
The GBPUSD price range has narrowed in part due to the liquidity drain around the US Thanksgiving holiday. We’re still in extreme oversold conditions on higher time frames, but we need time more than anything before any substantial retracement to be seen. The stochastic indicator suggests a buildup in bullish momentum and that’s the reason why any sell-off will be limited and should fade away. The technical pattern suggests that we can still see a break to the downside and see a retest of 1.2250 – 1.2200 support region. For the bulls to take control of the market, we need a break and a close above the 1.2500 big psychological number which will put the focus on the 1.2670 swing high.
The UK economic calendar looks mild, however, traders do need to pay attention to the UK Financial Stability Report, which is published only twice a year and is scheduled to be released on Wednesday. Friday the volatility is going to be driven higher by the NFP figures which again are expected only to post modest gains. The general consensus is for 171k jobs added in the previous month up 161k.
GBPUSD Weekly Forex Forecast – 28th Nov to 2nd Dec 2016 – BULLISH
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