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GBP/USD Weekly Forecast - 25 May - 29 May

Friday, May 22 2015

After it rebounded initially in the week supported by hawkish BoE Meeting Minutes and rather weak US data, going all the way to near 1.57 handle, Sterling was pushed down on Friday, even below 1.55 handle on better than forecasted US CPI figures. We expect steadier beginning of the week and perhaps some volatility with UK GDP data, though in a limited range. In our opinion pair is likely to find some amount of support around 1.54

handle, at least initially in the week, while area above 1.56 handle should offer some amount of resistance, so this is where we would place our short-term buying and selling points. However, we do not have major resistive points all the way to 1.57 handle, so in a case of rebound it should be relatively easy way up. On a long-term basis, we have no interest in selling the pair as we believe that pair will find significant amount of support around 1.54 handle and all the way to 1.52 handle which was previously major resistance. However, we would like to see some kind of bullish candle before starting to buy pair once again.

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