GBPUSD Weekly Forex Forecast – 26th to 30th Nov 2018
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The GBPUSD bears have managed to successfully defend the key support level 1.2800. Some of the previous week losses have been recovered however, as long as we trade below the big psychological number 1.3000 the downside momentum should prevail. Only a break and a close above the big round number 1.3000 can suggest a shift in the trend direction. A break above 1.3000 can also open the door for the bulls to try and challenge the resistance level 1.3044. The stochastic indicator is already in overbought territory so we need to wait for a reset before the bulls to have another chance to take control of the price.
On the downside, the Bulls need to defend the previous swing low established at 1.2700. A break below will put in focus the key support level 1.2664. In terms of risk events we can’t find lots of economic data that can disrupt the market volatility. However, the EU BREXIT summit scheduled on Monday is set to give the tone for the rest of the week and it has the potential to generate trends. Other than that we can also note the Bank Stress Test Results scheduled on Tuesday.
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