GBPUSD Weekly Forex Forecast – 2nd to 6th July 2018
The GBPUSD has made a new marginal low and tried to challenge the big psychological number 1.3000, but the bulls showed up and saved the day. Moving into the new week we expect last week low to be a good level of support, but the line in the sand remains 1.3000. We should also note intraday support level 1.3100 which can be retested again when the bears show up again. The stochastic indicator is already in overbought territory and as we approach the intraday resistance level 1.3240 there is a high probability we will see a reaction lower before the bulls can have a say.
Only a daily break and close above 1.3240 can open up the door for a retest of our next key resistance level 1.3500. There are few notable risk events scheduled on the UK economic calendar. Monday, the UK Markit Manufacturing PMI is scheduled to be released – the consensus is for a lower reading. Thursday, the BOE Governor Carney is due to speak in Newcastle. Last but not least, the highlight risk event of the week is the NFP report scheduled to be released on Friday. The market consensus is for a reading above the 200k which is a positive sign.
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