GBP/USD Weekly Forecast – 27 July – 31 July
After it initially tried to break higher, Sterling pulled back by the end of the week on weaker than expected Retail Sales figures but also with area near 1.57 handle being too resistive at the moment. However there is still some amount of the support left for the pair around 1.55 handle and slightly below it. Main market mover next week will be UK GDP dana and US GDP figures as well as FOMC interest rate decision. We expect some
amount of support around 1.5380-1.54 area in a case of a further decline, while area above 1.56 handle should once again offer significant amount of resistance, so these would be our short-term buying and selling points. On a long-term basis, we would remain on the sidelines for this pair at the moment. We recognize there is plenty of support for it all the way to 1.52 handle so we are not interested in selling it, however we do not have necessary sign for any larger buying bids as well.
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