The GBPUSD continues to trade above the big psychological number 1.4000 after it successfully avoided finishing the week below this important support level. However, we still can’t rule out a sell off below 1.4000 so we can retest the 200 moving average. But, any break below 1.4000 should quickly fade away unless we post a daily close below which will open the door for a much deeper pullback and possibly a retest of the intraday support level 1.3900.
The stochastic indicator is already in oversold territory for quite some time now and because of that the bulls still have the first chance next week. On the upside, we can note minor resistance level at 1.4050 but the real resistance comes at last week high 1.4244 which can be challenged again. However, since we’re still in consolidation the bulls need to take this year high 1.4315 for the bullish trend to make considerable gains. We only have a few notable risk events scheduled on the UK economic calendar. First, Monday is bank holiday due to Easter holiday so low trading activity should be expected. Tuesday we have the Markit Manufacturing PMI figures and Wednesday the PMI construction figures that can produce some volatility.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 2nd to 6th April 2018
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