GBPUSD Monthly Forex Forecast for April 2018
The GBPUSD is still nervously trading in a very wide trading range between support level 1.3711 and the lower range boarder and 1.4345 resistance level and the upper range boarder. In the middle we have the big psychological number 1.4000 which can give us more clues whether or not we’re ready to resume higher. As long as we trade above 1.4000 on a daily closing basis we should expect the 1.4345 swing high to be challenged again. However, we need to be caution as the stochastic indicator is producing a crossover while being in overbought territory.
This leads us to believe that we might see another attempt to break below 1.4000 but if we successfully continue to trade above than the bulls can have another chance once the stochastic indicator resets. Any break below 1.4000 should quickly fade away for the bullish case to remain valid otherwise, we might see another month were GBPUSD will continue to consolidate. Above the 1.4345 the GBPUSD has a chance to retest the next big round number 1.4500. The BOE hawkish tone can also help push the GBP/USD higher and with the most BREXIT negative news already being discounted by the market we should expect no serious headwinds against the British Pound.
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GBPUSD Monthly Forex Forecast for April 2018
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