GBPUSD Weekly Forex Forecast – 29th Oct to 2nd Nov 2018
The GBPUSD broke below the key psychological number 1.3000 and the bears managed to successfully post a weekly close below the big round number. As long as we trade below the big round number 1.3000, the bearish momentum should prevail. On the upside, we first need to conquer the resistance level 1.2960 if the bulls want to have the upper hand. The stochastic indicator is in neutral territory, which suggests that the previous week sell off is not overstretched and we can see further pressure to the downside.
The first important support level comes at 1.2800 level. Only a daily break and close below this figure will suggest more weakness ahead. This will also open up the door for the bears to challenge again the major swing low 1.2664 from where we should see a pullback. The UK economic calendar will bring as a high risk event the BOE interest rate decision. According to the market consensus we should expect the BOE to hold interest rates at 0.75% with a vote of 9-0. The BOE rhetoric will shape the price action for the week ahead.
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