GBPUSD Weekly Forex Forecast – 24th to 28th Dec 2018
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The GBPUSD rally above the big psychological number 1.2500 has been sustained and as long as we trade above the big round number we should expect the rally to resume. However, as the Christmas holidays kick in we should expect lower trading activity which can be translated in irregular spikes in price or we can experience very tight price ranges. On the upside, the first level of resistance comes at the 1.2700 pivot level. A daily break and close above the 1.2700 level can open the door for more bullish momentum and a possible retest of the next intraday resistance level that can be found at the 1.2800 level.
The stochastic indicator isn’t showing any overbought or oversold readings that can suggest a market reversal. On the downside, only a daily break and close below the big round number 1.2500 can resurrect the bearish trend. The high probability scenario is for the current tight range to continue. The UK economic calendar doesn’t show any major risk events that can cause a spike in the market volatility. Due to the holiday season there are no economic data releases in the upcoming week. In this regard we should expect a more technical driven market.
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