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GBP/USD Weekly Forecast – 21 September – 25 September

Friday, Sep 18 2015

After it was initially pushed lower, Sterling managed to find plenty of support around 1.53 handle and rebound going all the way to above 1.56 handle after dovish Fed statement. This is area that has plenty of resistive points, as it is all the way to 1.58 handle so we do not expect an easy way up, but recognize a lot of bullish potential after we have broke above 1.55 handle and uptrend line. As for next week we expect a bit steadier

sessions and perhaps consolidation since there will be no major data releases. Support can be expected around 1.55-1.5430 handle so this is where we would place our short-term buying bids, while there is significant amount of resistance around 1.56-1.5650 handle, based on long-term charts, so this is where we would sell the pair. In long-term trends, we have no interest in selling this pair until we see decisive break below 1.55 handle, which should now be key support. We would buy pullbacks as we believe that pair could hit 1.58 handle give enough time.

Last modified on Friday, 18 September 2015
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