GBP/USD Weekly Forecast – 20 July – 24 July
Sterling was boosted in the course of the last week. CPI and job figures came out weaker than expected but hawkish Governor Carney's comments on sooner than expected rate hike served as a support for Sterling which broke above 1.56 handle. As for next week week we would pay attention to BoE Meeting Minutes and Retail Sales figures. Weaker than expected figures are likely to push pair back to 1.55 handle which
should now serve as a support, while better than forecasted data would lead pair all the way to 1.57 handle where we can expect first major resistance, so these would be our short-term buying and selling points. On a long-term basis, we are only interested in buying this pair, as we believe it will head towards 1.58 handle given enough time. It also has potential of hitting 1.60 handle given enough time, but we expect a lot of back and forth trading on a way up. 1.55 handle seems like a bottom for this pair at the moment though it has significant amount of support all the way to 1.52 handle.
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