GBP/USD Weekly Forecast – 17 August – 21 August

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Friday, Aug 14 2015

Sterling once again found area around 1.55 handle to be supportive during the last week and bounce out but only to struggle with 1.56 handle, especially with the area around 1.5660 level, as it momentarily offers plenty of resistance. As for next week focus will be on UK CPI data. Weaker than expected figures would once again send market towards 1.55 handle, while better than forecasted data would push Sterling to next major

resistive level at 1.57 handle. In long-term trends, we are interested only in buying this market, as it should now head towards its next major resistance at 1.58 handle. We would use pullbacks as buying opportunities especially supportive ones around 1.55 area. However, we do expect occasional dips, as market should be quite volatile.

More in this category: « AUD/USD Weekly Forecast – 17 August – 21 August EUR/USD Weekly Forecast – 17 August – 21 August »

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