GBPUSD Weekly Forex Forecast – 30th July to 3rd August 2018
The GBPUSD weekly close above the big round number 1.3000 suggests that the bulls are still in control. This doesn’t mean that we can’t see another attempt to break below 1.3000 but since the stochastic indicator is already showing an oversold reading we can expect that any attempt to break lower to fail. On the downside, the next level of support comes at 1.2955 followed by 1.2810 from where we can expect a bounce. On the upside, the intraday pivot point 1.3120 is a level that you should keep an eye on, but the more significant level remains the current top of the range and resistance level 1.3280.
Only a daily break and close above 1.3280 can signal that a major swing low was put in place. In terms of risk events that can disrupt the market volatility we have the Markit Manufacturing PMI, but more importantly, we have the BOE interest rate decision which, according to the market consensus the BOW is expected to raise rates to 0.75% from 0.5%. However, this is not a done deal because the recent developments around Brexit might actually make it harder for the BOE to raise rates.
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