GBPUSD Weekly Forex Forecast – 6th to 10th August 2018
The GBPUSD has only managed to post a very weak close above the big psychological number 1.3000, which suggests that the bulls aren’t stepping into the market. On the downside, we can possibly see a break below the previous swing low 1.2955 but even then we can expect the GBP/USD to return back into the previous range. Only a strong daily close above 1.3000 can put the bulls back on the spot and see a retest of the first resistance level 1.3120.
The stochastic indicator is only showing a very moderate oversold reading and until we reach some extreme reading, we can’t expect much from the bulls. On the downside the first important level of support only comes at 1.2810 levels. In terms of risk events, we only have the preliminary GDP figure for the second quarter of 2018. According to the general market consensus, the UK economy is expected to slow down in the 2nd quarter and only show a 0.1% growth versus 0.2% growth seen in the 1st quarter of 2018. The Trade Balance figures are also expected to be released the same day.
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