The GBPUSD took another dive and extended the previous losses. We find support at key support level 1.3770 but as long as we trade below the big psychological number 1.4000 we should expect the bearish momentum to prevail. The bounce from 1.3770 should be short lived and a break below last week low should open the door for a retest of the 1.3550 and the round number 1.3500. The stochastic indicator is in neutral territory but we’re moving upwards suggesting that the rally can find sellers once we have a crossover to the downside. We shouldn’t see GBPUSD break above 1.3900 otherwise a daily close above it can open the door for a retest of the 1.4000 round number. There is no major risk events scheduled on the UK economic calendar. We can mention the UK Markit Services PMI figures scheduled on Monday and on Friday we have the UK Manufacturing Production figures followed by the Trade Balance numbers. We should expect a more technical driven GBPUSD during the coming week. Previous GBPUSD Weekly Forex Forecast

GBPUSD Weekly Forex Forecast - 5th to 9th Mar 2018