GBP/USD Weekly Forecast - 20 April - 24 April

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Friday, Apr 17 2015

Sterling found area below 1.47 handle to be supportive enough at the moment, in order to rebound in the course of the last week testing once again 1.50 handle as a resistance. This area, though it has been broke, should still offer plenty of resistance. As for next week we can expect a lot of volatility BoE Meeting Minutes. More dovish than expected report would push pair further down with a support around 1.4850 handle but actually

we cannot expect any major support all the way to 1.48 level. On the other hand hawkish report would cause a surge , but we believe that we can expect resistance as soon as 1.5080 level. With this being the case, in long-term trends, we would not place any larger bids at this market, as it seems that there is plenty of resistance above 1.50 handle and all the way to 1.52 handle so we believe that pair could once again break to the downside. However, selling is not an option until we see break below 1.4750 area.

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