GBP/USD Weekly Forecast – 12 October – 16 October

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Friday, Oct 09 2015

Sterling spent most of the last week in an uptrend, after it found significant amount of support around 1.51 handle. Despite dovish BoE Meeting Minutes pair managed to break above 1.53 handle, though it seems that area near 1.54 handle offers some amount of resistance. Next week we can expect plenty of volatility with UK CPI and job figures as well as US CPI and PPI data. Weaker than

expected UK data would push pair back to 1.52 handle, while better than expected figures could bring decisive break above 1.54 handle with pair heading towards resistance at 1.55 handle. In long-term trends, despite this uptrend we have no interest in buying this pair until we see break above 1.55 handle and uptrend line formed above it. Any type of resistive candles in that area should offer selling opportunity but we would also sell the pair on break below recent lows at 1.51 handle. Until then we believe it is best to stay on the sidelines.

More in this category: « AUD/USD Weekly Forecast – 12 October – 16 October EUR/USD Weekly Forecast – 12 October – 16 October »

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