The GBPUSD has gained a little bit of momentum to the upside, but the current price structure still looks corrective in nature. We’re consolidating right below the big psychological number 1.3000 but the unwillingness to break above 1.3000 after to failed retest is a bearish sign. The stochastic indicator is already in oversold condition so we can head lower anytime soon. However a daily break and close above 1.3000 will open up the door for a retest 1.3114 next important resistance level.
On the downside, the first level of support stands at 1.2854 last week low followed closely by 1.2840. A break below will expose August low 1.2774. The UK economic calendar looks busy as we have some noteworthy risk events that can cause some spike in volatility. Monday we have the PMI Construction figures which are expected to inch higher to 52. Tuesday we have the Inflation Report Hearings and the Markit Services PMI, which based on the market consensus we should expect a softer reading of 53.5. Last but not least, on Friday we have scheduled the Trade Balance figures and the Industrial Production which again is seen to disappoint.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 4th to 8th Sept 2017
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