GBPUSD Weekly Forex Forecast – 17th to 21st April 2017
The GBPUSD has managed to reclaim the 1.2500 big psychological number and what is more important we posted a weekly close above. We still need to see more proof that the bulls are in control and we’re indeed in the process of a reversal. A break and a close above 1.2575 last week’s high can confirm the bullish case. The stochastic indicator has also crossed and turned back up. Monday we have the Easter holiday and liquidity should be thin and market activity should chase so no big movements are to be expected. A break below 1.2500 will put again the focus on the 200 EMA which has held the downside quite well so far. The first level of support is also nearby at 1.2400 level.
We also have a soft UK economic calendar with the only major risk event being the UK Retail Sales on Friday. The market consensus is for a downtick in retail sales down from 1.4% to -0.3%. Thursday the BOE Governor Carney is due to speak at the Institute of International Finance Policy Summit, in Washington DC. The US Treasury Secretary Mnuchin is also scheduled to speak at the same event.
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GBPUSD Weekly Forex Forecast – 17th to 21st April 2017
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