GBPUSD Weekly Forex Forecast – 1st to 5th Jan 2018
The GBPUSD has finished the year on a strong note like most of the other USD crosses. It seems that the broad based dollar weakness has been a widespread phenomena this year end. The British Pound has managed to surge above the big psychological number 1.3500 and the weekly – yearly – close above the big figure is a bullish signal. The stochastic indicator is already in overbought territory and the fact that we couldn’t break above the top of the range represented by the 1.3550 swing high makes us cautious. The bullish case will have a strong case only if we manage to post a daily break above 1.3550 which can open the door for a retest of 1.3657.
Monday is the New Year’s Day and the market will be closed. We should expect on Tuesday only light trading due to the holidays. The UK economic calendar will bring the Markit Manufacturing PMI figures which based on the market consensus should come slight lower at 58 versus 58.2 previous reading. The FOMC minutes are also scheduled to be released on Wednesday which are about to give us more clues into the last Fed meeting when the Fed raised interest rates.
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GBPUSD Weekly Forex Forecast – 1st to 5th Jan 2018
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