GBPUSD Weekly Forex Forecast – 17th to 21st Sept 2018
The GBPUSD has made a significant advancement above the big psychological number 1.3000. The weekly close above the big round number is suggesting that in the short-term the bulls are in control. However, the bearish trend that has started since April high is still intact and a daily break and close below 1.3000 can resurrect the downside. On the upside, the next resistance level comes at 1.3170 and with the stochastic indicator already in oversold territory we can expect the bulls to show up again anytime soon.
On the downside, we should mention the intraday support level 1.3044 where the price can stall. A break and a close below 1.3000 will open the door for a retest of the 1.2955. The UK economic calendar doesn’t look filled with many risk events that can disrupt the volatility. On Wednesday the CPI inflation data is the only risk event that has the potential to cause some volatility. Thursday, traders should keep an eye on the Retail sales data, which should provide further clarity to the price action.
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