GBP/USD Weekly Forecast - 23 March - 27 March
Sterling was initially pushed lower, all the way to 1.46 handle in the course of the last week, but managed to rebound slightly on dovish FOMC statement, and finished the week above 1.49 area. We can expect quite volatile next week with the focus on UK CPI and Retail Sales figures.
Weaker than expected figures would push pair much lower, with initial support around 1.4850 area, so this would be our short-term buying point, while better than forecasted data would cause an incline back to 1.5050 area where we expect significant amount of resistance and where we would place our selling point. On a long-term basis we believe that this pair will go all the way back to 1.45 handle, so we would use these kind of rallies as just another selling opportunity. Buying is not an option until we see break above 1.50 handle which does not seem very likely in the next few sessions.
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