GBPUSD Weekly Forex Forecast – 11th to 15th Dec 2017
The GBPUSD has spent the previous week inside last week price range consolidating the gains made in the previous weeks. The Brexit talks have been the main driver of the GBPUSD volatility and we should expect the negotiation between London and the EU to be the catalyst for more volatility in the upcoming week. The technical pattern remains bullish as long as we trade above the big psychological number 1.3000. While this price is far away from the current exchange rate we can mention last week low 1.3320 as the line in the sand between the bulls and the bears. A break and a close below will expose 1.3150. On the upside we have the intraday resistance level 1.3450 followed by the more important big round number 1.3500.
The stochastic indicator is moving away from overbought territory and is resetting and if the price can hold above last week look during the current pullback there is a chance we’ll see another attempt to break higher. In terms of risk events, the UK economic calendar has many catalysts that have the potential to induce some volatility. On Tuesday we have the UK CPI inflation figures which based on the market consensus is expected to inch higher to 3.1% versus 3.0% previous reading. Wednesday we have the UK unemployment rate which is expected to come flat at 4.3%. Thursday is without a doubt the highlight risk event of the week as BOE will announce its interest rate policy for the last time this year.
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GBPUSD Weekly Forex Forecast – 11th to 15th Dec 2017
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