GBP/USD Weekly Forecast - 11 May - 15 May

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Friday, May 08 2015

Sterling was pushed higher in the course of the last week, even testing 1.55 handle as a resistance, after UK elections results showed that David Cameron's Conservatives won beating heavily polls that were indicating tight run. Next week will be marked by UK job figures. Weaker than expected data would push pair once again bellow 1.53 handle, but with a major supportive point at 1.5250 level. On the other hand, better than

forecasted data would push Sterling back above 1.55 handle, with a major resistance above 1.5550 level, where we would consider short-term selling. In long-term trends, 1.55 handle should offer plenty of resistance since it is round psychologically important figure, but if we see break above 1.5550 level we would be more than comfortable with buying the pair since pair should than head towards 1.58 handle.

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