GBP/USD Weekly Forecast - 18 May - 22 May
Sterling was mostly influenced by UK general election results in the past week which pushed it all the way to 1.58 handle, next massive resistive barrier from which pair in the end pulled back slightly. Weak US figures supported uptrend. Next week we can expect a lot of volatility with BoE Meeting Minutes and CPI data. Weaker than expected figures would push pair back to 1.56 handle, where we expect some amount of support,
while better than forecasted reports would cause a decisive break above 1.58 handle, with initial resistance around 1.5870 area, but with potential of aiming even towards 1.60 handle. Long-term looking, though this market is perhaps a bit overbought at the moment, we have no interest in selling it as 1.55 handle should offer plenty of support. With 1.58 handle being tested we would place our buying target.
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