GBP/USD Weekly Forecast – 13 July – 17 July
After it went all the way to below 1.54 handle, Sterling find area around 1.5350 level to offer plenty of support at the moment and by the end of the week tested 1.55 handle as a resistance. Initial decline was mostly due to Greek concerns and annual budget release. As for next week we would be focused on job figures and CPI data. Weaker than expected figures would push pair back below 1.54 handle, but we now expect plenty of
support around 1.5350 handle, while better than forecasted data would bring full rebound to the pair, with initial resistance around 1.5580 level and 1.5650 area in extension. On a long-term basis, we would remain on the sidelines at the moment. Pair is definitely going through rebound and has more buying than selling potential, but we would first like to see decisive break above 1.55 handle, which would towards 1.57 and 1.58 handle in extension, before placing any larger buying bids. 1.52 handle seems as a bottom for this pair at the moment so we are not interested in selling it at the moment.
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