GBPUSD Weekly Forex Forecast – 26th to 30th June 2017
The GBPUSD managed to break below previous week low after a very aggressive sell off, but we’re again moving in a very narrow range. The summer trading conditions should impact the liquidity, thus we can expect to see more ranges in the coming weeks. The focus is back on the intraday resistance level 1.2800 which is also a round number and which is the line in the sand for the bears.
The stochastic indicator is already in overbought territory, so the 1.2800 can hold the upside; however a break and a daily close above 1.2800 will open up the door for a retest of the 1.3000 big psychological number. On the downside we have the first area of support at 1.2635 followed by last week low 1.2589. A daily break and close below last week low will open up the door for a retest of the big psychological number 1.2500.
The UK economic calendar has not scheduled big risk events with the exception of the Inflation Report Hearings scheduled on Tuesday. However, we can note other major risk events coming from the other side of the Atlantic. The US Durable Goods orders are an important piece of risk event and the market expectation is for soft reading that can push the dollar down. On Thursday we have the US GDP final figure for the first quarter and trader should expect a flat reading of 1.2%. While on Friday the UK GDP figures are the main risk event.
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GBPUSD Weekly Forex Forecast – 26th to 30th June 2017
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