GBPUSD Weekly Forex Forecast – 7th to 11th 2019
The GBPUSD has managed to recover after the flash crash that took by surprise the markets in 2019. Due to the holiday low liquidity conditions couple with some negative news made it possible for some erratic price behavior. Irregular bursts in the market volatility can still be seen until the normal trading condition settle in. We continue to trade above the swing low and major round number 1.2500, which is the line in the send for the bulls.
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The stochastic indicator is in neutral territory and it isn’t showing any extreme readings that might suggest a market reversal. On the upside the key resistance level is the 1.2825. A daily break and close above can open the door for a possible retest of the resistance level 1.2924. On the downside we have the 1.2700 support level followed by the big round number 1.2500.
The UK economic calendar will only bring some moderate risk events that can disrupt the market volatility. Wednesday the BOE Governor Mark Carney is due to participate in an online question and answer session about the future of money at the Bank of England’s Future Forum. On Friday, the GDP figures followed by the Trade Balance figures are some other risk events we should keep an eye on.
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