GBPUSD Weekly Forex Forecast – 3rd to 7th April 2017
The GBPUSD has managed to post three consecutive weekly bullish candles which add strength to the bullish case. The more aggressive view is for a strong rally and a possible break of the 1.2700 February high. His view is also sustained by the weekly close above the big psychological number 1.2500 which should act now as support. We’re also trading above the 200 EMA but we could see some consolidation early in the week as the stochastic indicator is in overbought territory.
The UK economic calendar looks mild and the only notable risk event is on Monday when the Manufacturing PMI figures which can provide another boost to the GBPUSD exchange rate. The market consensus sees an increase of 55.1 in the manufacturing activity.
Wednesday we have the FOMC meeting minutes, which should provide us further insights into Fed’s monetary policy and should give traders more insights into how many more rate hikes Fed is prepared to embark on. Friday the NFP figures are the main risk event of the week and most analysts see further strength in the US labor market.
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GBPUSD Weekly Forex Forecast – 3rd to 7th April 2017
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