GBP/USD Weekly Forecast - 01 June - 05 June
Sterling spent most of the last week in a downtrend testing 1.52 handle as a support, and in fact found it, but it seems that pair will continue to struggle around this general area. Since there were no major data releases both from UK and USA last week, it seems that pair was using this fact to pullback after it went through huge incline after parliamentary elections. As for next week, any type of resistive candles near 1.5350 handle and
1.5430 area in extension, should offer nice short-term selling opportunity, since these level offered resistance last week. On the other hand, supportive candles around 1.52 handle and 1.5150 area would be short-term buying signal. Long-term looking, we we are more interested in selling this pair at the moment and if we see break below 1.52 handle we believe that pair could go as low as 1.50 handle, where it should find significant amount of support, being round, psychologically important figure. Buying is not an option until we see break above 1.55 handle.
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