The GBPUSD technical pattern remains bullish and constructive towards a much deeper retracement. We have managed to close above the 1.2500 big psychological number which should now act as support until we reach at least 1.2900 the forecasted tipping point of this correction. There is also a danger of a very likely scenario in which we’re going to have a range week if the GBPUSD tries to fill in the last week range in which case the GBPUSD can reach 1.2440.
The stochastic indicator is already showing signs of exhaustion being in overbought territory, however, due to the fact that the week ahead will bring some major risk events that can seriously disrupt the market volatility these technical readings can be worthless.
From Tuesday until Thursday traders need to be aware of the UK Supreme Court hearings on the government-parliament Brexit appeal which has the potential to disrupt the market volatility and cause sudden spikes. On Wednesday major risk events are the Manufacturing Production data and the NIESR GDP Estimate which if they follow the latest trends we should expect some positive data that can support the GBPUSD exchange rates.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 5th to 9th Dec 2016 – Bearish
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