GBP/USD Weekly Forex Forecast – 26th Feb to 2nd Mar 2018
The GBP/USD broke below the big psychological number 1.4000 and posted a weekly close below. However, the bearish case is not resolved yet and as long as we trade above last week low 1.3855 there is still a chance we’ll see another attempt to regain the big round number 1.4000. More importantly remains the support level 1.3770 established few weeks ago which can hold any sell off unless we post a daily close below it.
On the upside, above the BRN 1.4000 we have the 1.4045 support level followed by the 1.4145 swing high. The stochastic indicator is slowly moving into overbought territory but we still don’t have extreme readings that might suggest a reversal is in motion. The UK economic calendar will only bring some minor risk events like the Markit Manufacturing PMI figures and the PMI construction figures. But from the other side of the monetary policy spectrum we can mention the US GDP figures for the last quarter of 2017 and the PCE inflation figures.