GBP/USD Weekly Forecast – 03 August – 07 August
Sterling went as high as 1.57 handle in the course of the last week, but found this area to be too resistive at the moment, with pair pulling back even below 1.56 handle. However, 1.55 handle is massively supportive for this pair, so Sterling once again found significant amount of support and went back above 1.56 handle at a weekly closing. Next week should be quite volatile with focus on BoE interest rate decision and US job
figures. We believe that any type of resistive candles around 1.57 handle should offer short-term selling opportunity, at least initially in the week, while supportive candles around 1.5550 level and 1.55 handle in extension would be short-term buying signal. Long-term looking, we believe that this pair will test 1.58 handle given enough time so we would be buyers for this market and would use any dips as just another buying opportunity. We have no interest in selling this market as there is plenty of support for it even below 1.55 handle.
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