GBPUSD Weekly Forex Forecast - 31st July to 4th Aug 2017

GBPUSD Weekly Forex Forecast – 31st July to 4th Aug 2017

GBPUSD Weekly Forex Forecast – 31st July to 4th Aug 2017

The GBPUSD has managed to break back above the big psychological number 1.3000 maintaining the bullish perspective intact. Obviously, as long as we trade above 1.3000 support level, we should expect GBPUSD to continue moving higher. The first resistance level is 1.3158 last week high while a break and a daily close above this level will open the door for a retest of 1.3300 major resistance level. The stochastic indicator is also pointing upwards which is constructive for the bullish case.

The UK economic calendar is packed with some important risk events that can disrupt the GBPUSD volatility. On Monday the first notable news event is the Inflation report hearings. Tuesday we have the Markit Manufacturing PMI figure which based on the general consensus is expected to inch higher from 54.3 previous readings. Thursday will bring the BOE interest rate decision which is the main risk event for the British Pound. Although the market consensus is for no change in the monetary policy, we need to pay attention to dovish/hawkish tone.

Previous GBPUSD Weekly Forex Forecast

GBPUSD Weekly Forex Forecast – 31st July to 4th Aug 2017


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