GBPUSD Weekly Forex Forecast – 21st to 25th Aug 2017
The GBPUSD has extended the downside move and retested the 1.2840 support level. A break and a daily close below 1.2700 will open up the door for more bearish pressure, possibly all the way down to 1.2700. On the upside the big round number 1.3000 remains the line in the sand and as long as we trade below the downside should prevail. A break and a daily close above the big psychological number 1.3000 will open up the door for a retest of 1.3114 next important resistance levels.
The stochastic indicator has moved into oversold territory, so early in the week we can expect first a retest of the intraday resistance level 1.2920. The UK economic calendar will bring the Inflation Report Hearings which historically has proven to trigger some volatility in the market. On Thursday we have the preliminary GDP figures for the second quarter of 2017 and based on the market consensus we should expect a flat reading of 0.3%.
On Friday we have the Jackson Hole Symposium, which will gather together the heads of the major central banks and finance ministers from around the world. Any comments and news headlines have the potential to drive the market volatility higher so make sure you have an eye on the news headlines.
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GBPUSD Weekly Forex Forecast – 21st to 25th Aug 2017
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