GBPUSD Weekly Forex Forecast – 6th to 10th Nov 2017
The GBPUSD unexpectedly sold off despite the BOE hiking rates for the first time in almost a decade. As long as we remain below the last week high 1.3320 it’s wise to expect more downside. As an intraday resistance level we can also mention the 1.3150 level which can provide us with a reaction lower. The big pivot level 1.3000 remains key for the medium term trends. The stochastic indicator is already in oversold territory so we might first see at least some range if not a reaction higher before the downside momentum to resume. On the downside, the first level of support comes at 1.2850 followed by the August low 1.2770.
There is no major risk events scheduled on the UK economic calendar so we should expect a more technical driven GBP/USD. The only worthy news event that we can mention is the NIESR GDP estimate and the UK Inflation report hearings scheduled on Wednesday. Monday Fed chairman Yellen is also about the deliver a speech.
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GBPUSD Weekly Forex Forecast – 6th to 10th Nov 2017
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