GBP/USD Weekly Forecast - 02 March - 06 March

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Friday, Feb 27 2015

Sterling managed to break even above 1.55 handle in the course of the last week, but find area above 1.5550 to be to resistive at the moment and with strong US readings pair pulled back to 1.54 handle. However, we recognize that there is some short-term bullish potential in the pair. Next week should be quite volatile with focus on UK PMI figures.

Any type of resistive candles above 1.55 handle would offer nice short-term selling opportunity, while supportive candles around 1.5350 area, which has offered plenty of support in the past week would be short-term buying signal. In long-term trends, we believe that area above 1.55 handle and all the way to 1.58 is massively resistive and therefore it is hard to place any buying bids at the moment. We would rather wait for some type of resistive candles as a sign of a possible pullback to 1.53 handle.

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