Forecasting For GBP of Upcoming Week 01-10-2018

Overview: GBPUSD is working on a natural part for the week as on the previous week we saw a sharp pull in the prices it seems tough for prices to take a up move rather it feels that traders are more interested to do short sell from higher prices. Fundamental data also seems to be not supporting for the prices to take some positive upside. Now the expectation is from the Service PMI & Manufacturing PMI which are about to be released on 1st Oct and 3rd Oct respectively. Moving on charts: Support & Resistance Analysing on the day charts we can feel a strong support on 1.2900 bracket which could given a good sustainability to the prices to lift up for 1.3200 and 1.3320 round the way to upside it becomes important that the closing should not go bellow the 1.3100 brick. Talking for the important levels on chart the initial resistance comes at 1.3150 and the next resistance handle comes at 1.3280 in case of support handle initial support is at 1.2950 and 1.2800 Forex Data: As the major release for GBP have been made for the week now we are upcoming only with the Purchasing Manager Index of Manufacturing, releasing on 1st Oct and Purchasing Manager Index for Services, releasing on 3rd Oct Which will be given a high volatility to the currency. Chart: GBPUSD