GBPUSD Weekly Forex Forecast – 12th to 16th Nov 2018
The GBPUSD has managed to close back below the big psychological number 1.3000, which suggests that in the short-term the bears have gained control of the market. As long as we trade below the big round number 1.3000 on a daily closing basis we should expect the downside to prevail. On the downside, the first level of support comes near the previous week low 1.2955. Below this support level we don’t have any level that can challenge the bears until the big support level found at the 1.2800 level. The stochastic indicator is in oversold territory so we should expect early in the week the bulls to try regaining control of the big round number 1.3000.
A break above 1.3000 can open the door for a retest of the resistance level 1.3044. However a sustained rally can only be achieved if we get a daily close above these levels of resistance. In this case, we can expect the 1.3170 level to be challenged again. The UK economic calendar will bring some high risk events that can cause some volatility. Tuesday, the unemployment rate will give more clarity to the price action, but the CPI inflation figures scheduled to be release on Wednesday can be the main driver.
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