GBPUSD Weekly Forex Forecast – 2nd to 6th Oct 2017
The GBPUSD continued to retrace but found support at 1.3350. The current sell off looks corrective in nature and the daily bullish trend remains intact so as long as we trade above 1.3350 we should expect a resumption of the trend. However, a break below will open the door for a retest of next important support level 1.3220. The stochastic indicator is moving away from oversold condition and this is supportive for the bullish case. On the upside, the first level of interest is the resistance level 1.3450. A break above will expose the big psychological number 1.3500 which is the level that the bulls need to conquer to suggest they are really in control of this market.
We can note on the UK economic calendar few risk events that can disrupt the GBPUSD volatility. Monday, we have the Markit Manufacturing PMI, which is expected to slightly be weaker at 56.4 versus 56.9 previous reading. On Wednesday, traders should pay attention to the Markit Services PMI, which is expected to come flat at 53.2. Last but not least, Fed Chairman Yellen is also scheduled to speak at a community banking conference hosted by the Federal Reserve Bank of St. Louis.
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GBPUSD Weekly Forex Forecast – 2nd to 6th Oct 2017
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