GBPUSD Weekly Forex Forecast – 25th to 29th Dec 2017
The last trading week of the year should be quiet in terms of trading activity as the liquidity will dry out due to the holiday season. The GBPUSD has remained quiet for the most part of the last two weeks hovering above the important support level 1.3320. While we trade above this support level we should expect the bullish side to prevail. However, a daily close below 1.3320 will open up the door for potentially a much bigger correction down to support level 1.3150.
The stochastic indicator doesn’t show any signs of extreme conditions in the market so we need to focus more on the price action. On the upside, the big psychological number 1.3500 remains our key resistance level. A break and a daily close above 1.3500 will expose 1.3350 but the more likely scenario is for any spike in price to be faded due to the illiquidity. The UK economic calendar doesn’t have anything to offer us in terms of risk events. Monday is the first Christmas day and the markets will be closed while the rest of the week we should expect a very quiet market.
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GBPUSD Weekly Forex Forecast – 25th to 29th Dec 2017
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