GBPUSD Weekly Forex Forecast – 20th to 24th August 2018
The GBPUSD bleeding didn’t stop and we have reached a new technical low for 2018. The previous week low 1.2661 should now act as support, but we can’t rule out the possibility of another dip or a false breakout. On the upside, the previous week high 1.2827 is our first level of interest. A daily break and close above this level will open up the door for a retest of the 1.2900 intraday resistance levels. The stochastic indicator has entered overbought territory, so until we get a reset we can expect more range activity or there is also the possibility of the bearish trend to resume.
In the most bearish case scenario the GBPUSD exchange rate can reach the support level 1.2580 before a bounce can be seen. But since the current bearish trend looks very stretched, we can expect a retracement sooner rather than later. The UK economic calendar doesn’t bring any notable risk events that can disrupt the volatility. But, from the other side of the monetary policy spectrum the Fed will release on Wednesday the FOMC minutes of the latest meeting. Thursday and Friday we have the Jackson Hole Symposium, which will gather together the central bankers from all developed economies.
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