GBPUSD Weekly Forex Forecast – 4th to 8th Dec 2017
The GBPUSD has taken a big step on the upside opening the door for more gains in the weeks to come. However, short-term price action still remains challenging as it can take many forms and shapes. Nevertheless, as long as we’re trading above the 1.3450 on a daily closing basis we should expect the bullish momentum to prevail. The weekly close below the big psychological number 1.3500, at first, it might look bearish but we’re expecting the bullish trend to resume once we have a daily close back above 1.3500. The stochastic indicator as expected is resetting from overbought territory which is a bullish sign.
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On the upside, the next major level is the 2017 year high 1.3657 which can act as a magnet and drive price upwards. The UK economic calendar doesn’t have much to offer in terms of risk events but the usual Brexit talks can produce short-lived spikes in the market. On Friday the US Government shutdown limit will be the highlight risk event that can impact all US dollar crosses so traders need to pay close attention.
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