GBP/USD Weekly Forecast – 19 October – 23 October
Sterling continued its uptrend in the course of the last week, going as high as 1.55 handle, though this area proved to be major resistance at the moment. Despite weaker than expected UK CPI data, Sterling managed to rebound quite quickly supported by UK job figures. Next week could be a steadier one, so we believe that pair is likely to find support around 1.5380 level, initially in the
week, and 1.5330 area in extension, while 1.5530 and 1.5570 level is where we expect that pair will struggle with some amount of resistance. On a long-term basis, we believe that pair will test 1.55 handle and possibly break above it, which would then lead towards 1.58 handle and we would then be buyers for this pair. Until then, we would remain on the sidelines, as selling is not an option at the moment, with pair having plenty of support around 1.52 handle.
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