GBPUSD Weekly Forex Forecast – 6th to 10th Mar 2017
The GBPUSD has successfully broken down through multiple support levels, putting the focus on the bear side. In the bigger picture, we’re still inside a very wide range between support level 1.2000 and resistance level 1.2771. The old support level 1.2300 has turned now into a new resistance level from where we can expect a reaction lower. The stochastic indicator is also in oversold territory and should reset which encourage us to believe the GBPUSD will rally early in the week before resuming down again.
The first level of resistance comes at 1.2300 followed by 1.2400 while to the downside we have the first major support level at 1.2100 followed by the big psychological number 1.2000. The UK economic calendar looks busy with scheduled high-risk events. Wednesday we have the Annual Budget release, which will outline the UK‘s budged for the year ahead as well as other financial objectives. Friday we have the UK Manufacturing Production figures which based on the general consensus, are expected to inch lower from 2.1% to -0.6%. We also have the NFP figures which carry a higher risk as it can give traders clues whether or not the Fed will hike rates at the March meeting. The usual Brexit talks remain a focal catalyst for the GBP/USD volatility in the week ahead.
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GBPUSD Weekly Forex Forecast – 6th to 10th Mar 2017 – Bullish
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