GBPUSD Weekly Forex Forecast – 29th May to 2nd June 2017
The GBPUSD has managed to put a significant sell-off last week, which still looks corrective in nature. We have a major support level the 1.2752 that for the time being is holding the downside. A new marginal high above 1.3000 is required for the cycle that started from the 1.2100 low to be completed. On the upside, we have the first intraday resistance level at 1.2890 while the major resistance still remains the big psychological number 1.3000. The stochastic indicator is already in oversold territory, so early in the week, we can expect a bounce or at least this should limit the downside.
The UK economic calendar looks very mild. On Monday we have the UK Spring Bank Holiday so liquidity should dry away. Traders should be aware of sudden spikes due to the lack of liquidity. On Thursday the only notable risk event is the UK Markit Manufacturing PMI figures which based on the market consensus we should expect a slowdown in the manufacturing activity. The consensus is for a 56.6 figure down from 57.3.
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GBPUSD Weekly Forex Forecast – 29th May to 2nd June 2017
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