GBP/USD Weekly Forecast – 07 September – 11 September
Sterling sharply fell in the course of the last week, pulled back by weaker than expected UK PMI data as well as quite good US readings, going all the way to below 1.52 handle. As for next week we would pay attention to UK Industrial Production data. We expect some amount of support around 1.52 handle, initially in the week, and 1.51 area in extension as this proved to be major support lately, so these would be our short-term
buying points. On the other hand, area above 1.5350 and 1.54 handle should offer significant amount of resistance at the moment so this is where we would consider selling the pair in short-term trends. On a long-term basis, now when we have seen break below 1.52 handle we do not exclude possibility that pair will try to test 1.50 handle as a support and therefor resistive candles above 1.52 handle should offer selling opportunity. We have no interest in buying this pair as long as we are below uptrend line especially since 1.55 handle should offer significant amount of resistance.
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