GBPUSD Weekly Forex Forecast – 3rd to 7th Dec 2018
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The GBPUSD bears continue to remain in control as we continued to make lower lows followed by lower highs. The major swing low established at the 1.2664 level is the next big hurdle that the bears need to overcome. But, since the stochastic indicator is already in oversold territory we can expect a pause before the 1.2664 level to be challenged again. On the upside, the first resistance level we should keep an eye on is the 1.2800 level.
However, for a material change in the trend direction to happen we need a daily break and close above the key resistance level 1.2936, which will open the door for the big psychological number 1.3000 to be challenged again. The UK economic calendar will bring some risk events that can disrupt the market volatility. Monday we have the MARKIT Manufacturing PMI data followed by BOE’s Governor Carney speech on Tuesday. On Friday, we have the NFP report and according to the general consensus the US economy should add 205k new jobs versus 250k previous reading.
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