GBPUSD Weekly Forex Forecast – 7th to 11th Aug 2017
The GBPUSD gave back some of the previous gains after it broke through successive support levels. On a weekly basis, we still weren’t able to close below the big psychological number 1.3000. However, the risk remains skewed to the downside as long as we still trade above the 200-EMA the bullish trend remains intact. The stochastic indicator is suggesting that we might see a pause in the current sell off since we’re in oversold territory. But for the downside to be confirmed we still need a break and a daily close below 1.3000 which will open up the door for a retest of 1.2900 support level. On the upside, the first important resistance level only comes in at 1.3114 followed by last week high 1.3266.
The UK economic calendar will bring some important fundamental data that can impact the market volatility. Tuesday we have the NIESR GDP estimate figures which picked up by 0.3%, which is in line with the 1.7% 2017 GDP forecast. The biggest risk event for the British Pound is Wednesday when we have the Inflation Report. Thursday we have the Trade Balance figures followed by the Manufacturing Production figures
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