Weekly GBP/USD Forecast October 8 Oct-12 Oct

Weekly Forecast GBPUSD 08-Oct to 12-Oct

Most of the times Brexit Headlines become movers of GBP/USD. Sometimes, it is a cause of sliding and sometimes it helps GBPUSD climb up. Same effect we have seen in the previous week. Brexit Headlines dramatically affects the movement of GBP/USD. Now What’s next? The GDP report stands out in the new week.
Let take look at this week news and technical level suppose to be good resistant and support for GBP/USD.

Fundamental Analysis of GBP/USD

1. BRC Retail Sales Monitor: Monday, 23:01. The British Retail Consortium’s Retail Sales Monitor shows a marginal increase of 0.2% in August sales volume. Now we will get the number for September The report is before the official retail sale report.

2. FPC Statement: Tuesday, 8:30. In addition to monetary policy, the Bank of England is responsible for financial stability. The quarterly report of the Financial Policy Committee not only gives insight on the financial system but also the inherent economic conditions which affect this sustainability.

3. GDP: Wednesday, 8:30. This is the monthly GDP report for August, which provides more insights into Q3. In July the UK economy grew 0.3%, the first month of Q3 and the slowest set in August: 0.1%. Concerns about break sit can be attributed to any recession.

4. Manufacturing Production: Wednesday, 8:30. In July, manufacturing output declined by 0.2%, with the expectation of an increase of 0.2% to meet the expectations. In the manufacturing sector of UK, we enjoy weak pounds for our exports, but the weight is brake site. Now we will get the figures for August. Extensive industrial production measurement increased by 0.1% in July. Manufacturing production is expected to grow by 0.1%.

5. Goods Trade Balance: Wednesday, 8:30. There is an old trade deficit in the UK which reached 10 billion pounds in July. Figures of August will be similar. The weight of the deficit is on the long pound. The estimate of the deficit is estimated to increase to £ 10.9 billion.

6. RICS House Price Balance: Wednesday, 23:01. This gauge of the housing sector, standing at 2% in the latest publication for August, remained moderately unchanged in the positive area. This figure shows the percentage of surveyors who have seen the increase in prices. There is a duplication of 2% on the card.

7. BOE Credit Conditions Survey: Thursday, 8:30. It is a description of the situation of lending in the Bank of England quarterly report. High levels of debt can create risk but express confidence in the economy’s growth. The survey provides estimates for the next three months.

GBP/USD Technical analysis

Technical Chart with Support and Resistant Levels from top to bottom: 

GBUUSD Technical chart 08-oct-20181. In July 1.3375 was a high point. After this, there was a high point and psychologically significant round number in September 1.3300.

2. In mid-July, there was a high point of 1.3215 for the pair and a lower height on the chart. The round number of 1.3100 supported the first pair in September.

3. 1.3045 provided support in September and captured the pair in August. After supporting the pair at the end of September, the round number of 1.3000 is important.

4. 1.2920 was a low point in early October. There were 1.2850 different categories in the last days of August and the first days of September.

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