GBPUSD Weekly Forex Forecast – 23rd to 27th Oct 2017
The GBPUSD pullback stopped right at our suggested support level 1.3150. The weekly close above this support level suggests that the bulls are in control. However, we’re still in a trading range and for a trend development to happen, we really need a break above 1.3350 resistance level. As long as we’re trading within this price range we can’t rule a breakout to the downside as well. The stochastic indicator is moving away from oversold territory but a close below previous week low 1.3087 will open the door for a retest of the big psychological number 1.3000 and even further down if we break below. On the upside a break above 1.3350 will expose the big round number 1.3500.
The UK economic calendar will bring some important risk events that can impact the GBP/USD volatility. On Wednesday, we have the UK GDP figures for the 2017 Q3, which based on the market consensus we should expect a lower reading of 1.4% versus 1.5% previous reading. Also, Friday we have the US GDP figures which are expected to disappoint the market with a reading of 2.6% versus 3.1% in Q2.
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GBPUSD Weekly Forex Forecast – 23rd to 27th Oct 2017
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