GBP/USD Weekly Forecast – 10 August – 14 August

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Friday, Aug 07 2015

Sterling was pushed below 1.55 handle in the course of the last week, mostly due to dovish remarks from BoE Meeting Minutes. As for next week we would be focused on UK job 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. Long-term looking, this decline did prevent us from further buying this market, but there is an uptrend line that starts around 1.52 handle, so as long as we are above this line, we would not place any larger selling bids. We are interested in buying this market, as we believe that it will test 1.58 handle given enough time.

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