GBPUSD Weekly Forex Forecast – 3rd to 7th July 2017
The GBPUSD has rallied back above the big psychological number 1.3000 as the BOE Governor Mark Carney hint towards higher interest rates if the economic growth activity improves. The GBPUSD short-term technical pattern remains strongly bullish while we are trading above the 1.3000 big round number. The stochastic indicator is already in overbought conditions for quite some time, which can be a strong sign we need first a reset before more bullish momentum to be seen. Obviously, on the upside the next logical target is the 1.3047 current year high. On the downside the first level of support comes in at 1.2890 while a break and a daily close below will open up the door for a retest of 1.2800.
The UK economic calendar will bring on Monday the Markit Manufacturing PMI, which since the beginning of the year has shown a strong reading of the UK manufacturing activity. On Wednesday we have the FOMC minutes which should give traders more insights into the Fed’s next rate hike. On Friday we have the UK Trade Balance figures, but the real risk event is the NFP report. The market consensus expects an increase of 183k new jobs versus 138k previous reading. The unemployment rate is expected to come flat at 4.3%.
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GBPUSD Weekly Forex Forecast – 3rd to 7th July 2017
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