GBPUSD Weekly Forex Forecast – 8th to 12th Jan 2018
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The GBPUSD has managed for a second week to post a weekly close above the big psychological level 1.3500 which can define the line between the bulls and the bears. The next hurdle to the upside remains the September swing high 1.3657 which needs to be broken for the current bullish run to have more upside potential. A daily close above 1.3657 can confirm the bullish case.
However, as long as we trade below 1.3657 there is still risk that we can see more consolidation. On the downside, a break and a daily close below the round number 1.3500 can open up the door for a retest of 1.3320. The stochastic indicator isn’t showing any signs of extreme conditions which leave up the door open for a break on either side of the market. The UK economic calendar will only bring the Manufacturing Production figure and the Trade Balance figures scheduled on Wednesday. Other than that it seems a fairly quiet week in terms of risk events but traders also need to pay attention to the new coming from the other side of the monetary policy spectrum.
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