GBP/USD Weekly Forecast - 30 March - 03 April

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Friday, Mar 27 2015

Sterling went back and forth during the last week, testing 1.50 handle as a resistance supported by better than forecasted CPI and Retail Sales figures, after which it pulled back to 1.48 area that is offering plenty of support at the moment and from where Sterling managed to rebound back to around 1.49 handle. Next week would be marked by US data, NFP figures in particular, though they are being released on Friday when we can expect a bit less volatility with traders gone on Easter holidays.

Any type of resistive candles around 1.50 handle would be short-term selling signal, while supportive candles around 1.48 handle initially and 1.4750 area in extension would offer short-term buying opportunity. In long-term trends, we believe that there is plenty of resistance for this pair all the way to 1.52 handle, so until we see break above it we are not willing to place any larger buying bids.

More in this category: « AUD/USD Weekly Forecast - 30 March - 03 April EUR/USD Weekly Forecast - 30 March - 03 April »

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