GBPUSD Weekly Forex Forecast – 4th to 9th Nov 2018
The GBPUSD once again managed to briefly break above the big psychological number 1.3000 but we couldn’t sustain the move above the big round number. Even though we’ve posted a weekly close below 1.3000 level, the last week rally was strong enough to suggest that we might see a shift in the trend direction. Having said that, we need more time before the next leg up to develop and that’s the reason why we can expect the upcoming week to see some type of consolidation. On the downside the first level of support is at 1.2955 followed by the key support level 1.2800 that the bulls need to defend in order to keep the bullish momentum going.
The stochastic indicator is moving away from extreme overbought conditions making room for the next leg on the upside. However, we need to wait for a full stochastic reset before the bulls to show up again. On the upside, we need a break and a daily close above the big round number 1.3000 and above the 200-EMA for the uptrend to resume. The UK economic calendar doesn’t have to offer us any major risk event until Friday when the Manufacturing Production figures, the Trade Balance figures and the GDP figures for the third quarter of 2018 are scheduled to be released. We should expect some volatility that can be the catalyst for some trend development.
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