GBPUSD Weekly Forex Forecast – 3rd to 7th Sept 2018
The GBPUSD retested for a very short period of time the big psychological number 1.3000, but it couldn’t sustain the gains and posted a weekly close below it suggesting that the bulls are still not having the power to drive cable further up. On the upside, last week high 1.3042 followed by key resistance level 1.3120, are levels to watch in case we see another attempt to break on the upside. The stochastic indicator is in neutral territory and it is not showing any extreme readings that suggest a major change in the trend direction.
On the downside, in intraday support level 1.2800 followed by the previous swing low 1.2665 should hold the downside, unless the big bearish trend starts resuming. On the UK economic calendar the major risk event is the Inflation Report Hearings scheduled on Tuesday. The BOE’s inflation report should provide traders more clues on the future path of the interest rate policy. Friday, will bring the US NFP report, which is the main risk event of the week. Based on the market consensus, the US economy is expected to add 187k new jobs versus 157k previous reading.
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