GBP/USD Weekly Forecast - 09 March - 13 March

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Friday, Mar 06 2015

After it unsuccessfully tried to break above 1.5450 level, initially in the week, Sterling was pulled back by the end of all the way to below 1.51 handle. We can expect that this market will continue to be choppy with U.K. elections scheduled for May. As for next week, we would pay attention to Industrial Production figures.

Pair is likely to find some amount of support around 1.50 handle, so this would be our short-term buying point, while we expect resistance above 1.5150 area so this is where we would consider selling the pair. In long-term trends we are now quite near 1.50 handle, which is a major support and this support extends all the way to 1.48 handle so we are not willing to place any larger selling bids at the moment.

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