GBP/USD Weekly Forecast – 24 August – 28 August

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Friday, Aug 21 2015

Sterling tested few times 1.57 handle in the course of the last week and finished the week around this area supported by better than forecasted UK inflation data as well as dovish FOMC Meeting Minutes. Next week we would pay attention to both UK and US GDP readings. Any type of supportive candles around 1.56 handle should now offer short-term buying opportunity, since this area alone was quite problematic for Sterling,

though major support for the pair is 1.55 handle. Resistive candles around 1.58 handle would be short-term selling signal, as this area proved to be quite resistive recently. However, in long-term trends we believe that pair will eventually manage to break above this area and head towards 1.60 handle. With that being the case selling is not an option for this pair and we would use any kind of pullbacks as just another buying opportunity.

More in this category: « AUD/USD Weekly Forecast – 24 August – 28 August EUR/USD Weekly Forecast – 24 August – 28 August »

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