GBPUSD Weekly Forex Forecast – 13th to 17th Mar 2017
The GBPUSD has continued to drift lower, but we’re in the process of establishing a base from where we can bounce. Since the expectation of higher volatility in the week ahead has increased considerably we can expect the market to overshoot our support and resistance level. The big psychological level 1.2000 can provide us with a good support level from where GBPUSD can completely reverse the trend. On the upside, we have as resistance the 1.2300 levels. The stochastic indicator also shows a bullish divergence that signals a possible reversal.
There are major risk events not just for the British Pound, but for the entire market as a whole. 15 March is a major risk event because the British PM May is about to trigger the Article 50 and will inform the EU about the UK intention to leave the 24-nation bloc. On the same day, we have the Fed interest rate decision which based on the market consensus is about to hike rates for the first time this year, however, much of that seems already priced in.
On Thursday, traders need to pay attention to the BOE interest rate decision, but no changes are expected. Another major risk event is the Dutch general election with the far-right party leading in the recent polls which, if wins can trigger an avalanche of risk aversion in the markets.
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GBPUSD Weekly Forex Forecast – 13th to 17th Mar 2017
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