GBP/USD Weekly Forecast - 04 May - 08 May
Sterling tested 1.55 handle in the course of the last week, but this area proved to be to resistive at the moment, with Sterling pulling back to 1.51 handle. Break was mostly supported by weaker than expected US figures. Next week we volatility can expect a lot of volatility since parliamentary elections are scheduled for Thursday. With that being the we can expect that traders will be cautious initially in the week. Pair is likely to find some
amount of support round 1.50 handle, so this is where we would consider buying the pair. We expect resistance above 1.5250 handle initially, and 1.53 area in extension so this is where we would start shorting the pair in short-term trends. In long-term trends, 1.55 handle should continue to be massively resistive, being round psychologically important number but also major resistive point on long-term chart, so until we see break above 1.5550 handle we would not place any larger buying bids. We are not interested in selling at the moment.
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