The GBPUSD has managed to find support near the support level 1.3200 but we still need to see more conviction behind this rally before to proclaim that a swing low is now in place. As long as we are trading above last week low on a daily closing basis we can expect more upside. However, a break and a daily close below 1.3240 and 1.3200 levels will open the door for more weakness. On the upside, we don’t have much resistance to stop the price from advancing further until the big psychological number 1.3500.
Only a weekly close above the big round number 1.3500 will confirm that a significant swing low was put in place at 1.3200. The stochastic indicator doesn’t show any extreme readings, so it may be the case we will see some more ranging activity before we have a clear trend development insight. The UK economic calendar looks stripped from any major risk events that can disrupt the market volatility. We can only mention the PMI construction figures scheduled on Monday which based on the market consensus should fall below the 50 level which shows contraction in the UK construction sector.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 4th to 8th June 2018
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