GBP/USD Weekly Forecast - 15 June - 19 June
Sterling broke above 1.55 handle in the course of the last week, supported by better than expected Trade Balance and Industrial Production data, and with a weekly closing well above this level we believe that pair will continue its uptrend next week as well. Focus of the next week will be on UK job figures and BoE Meeting Minutes as well as FOMC interest rate decision. Weaker than expected figures would push pair back to 1.540 area,
where we expect some amount of support, so this would be our short-term buying point. On the other hand, better than forecasted figures, would push pair much higher, but with an initial resistance around 1.5680 level, so this is where we would consider selling the pair, in short-term trends. In long-term trends, we have no interest in selling the pair, and now when we have seen weekly closing above 1.55 handle we believe that pair will continue its uptrend at least to 1.57 handle, and then perhaps even to 1.58 handle.
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