The GBPUSD has a modest close above the intraday resistance level 1.3240 and although we had a bullish week we’re still trading inside a pretty wide consolidation zone. Taking into consideration the summer trading conditions, we can expect less trend development and more range bound activity. On the upside, the first major resistance level only comes at 1.3390 but the line in the sand remains the big psychological number 1.3500. The stochastic indicator is already close to enter the overbought territory, so we can expect the bullish momentum to slow down during the first part of the new trading week.
On the downside the key support level remains 1.3100. Only a break below the previous swing low 1.3050 will open up the downside and we can see the big round number 1.3000 challenge again. The UK economic calendar has some risk events that can cause to spike up. The UK will release for the first time a month over month reading of its GDP figures on Tuesday followed by the Manufacturing Production number. Wednesday the BOE Governor Carney is due to speak about the global financial crisis at the National Bureau of Economic Research conference, in Boston.
Previous GBPUSD Weekly Forex Forecast
GBPUSD Weekly Forex Forecast – 9th to 13th July 2018
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