GBPUSD Weekly Forex Forecast – 8th to 12th Oct 2018
The GBPUSD managed to post a strong close above the big psychological number 1.3000. The bulls have managed to defend once again this key support level. As long as we trade above 1.3000 on a daily closing basis the bullish momentum should prevail. On the upside the first level of interest comes at the resistance level 1.3170. A break and a daily close above this level can open up the door for a retest of the resistance level 1.3280. The stochastic indicator is already showing an overbought reading, which suggests that sooner rather than later we should see a pullback.
On the downside, the first level of support comes at the intraday level 1.3044. However, the big round number 1.3000 remains the line in the sand. Only a break and a close below 1.3000 can shift the trend momentum to the downside. The UK economic calendar will bring some risk events that can cause some volatility. Tuesday we have the FPC Statement that will include some details about the financial system stability. Wednesday we have Manufacturing Production figures followed by the Trade Balance figures and the GDP figures for the month of August.
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