GBPUSD Weekly Forex Forecast – 20th to 24th Nov 2017
The GBPUSD is trading in a very frustrating range between support level 1.3030 but, more importantly the big psychological level 1.3000 and resistance level 1.3350. As long as the price is contained between these two levels we should expect more of the same from the cable’s price action. The stochastic indicator is moving away from overbought territory but we still have room to continue upwards and retest the resistance level. Only a break and a daily close above 1.3350 can suggest that current correction is over. The base case scenario still suggests that GBP/USD is more prone to find a reaction lower from 1.3350 and possibly se again a retest of the big round number 1.3000.
The UK economic calendar will bring early in the week the Inflation Report Hearings scheduled on Monday. Next on the calendar we have the UK GDP figures for the Q3 which based on the market consensus we should expect a flat reading of 0.4%. The annualized GDP growth rate is expected to come flat at 1.5%.
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GBPUSD Weekly Forex Forecast – 20th to 24th Nov 2017
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