GBP/USD Weekly Forecast – 26 October – 30 October
After few unsuccessful attempts to break, Sterling break decisively down by the end of the week, going all the way to 1.53 handle. Despite rather good UK data, Sterling was also influenced by dovish ECB stanzas which eventually pushed pair lower. The current trend is certainly bearish, but we are not willing to start selling the pair until we see break below 1.52 handle. Next week, main
market movers will be UK and US GDP figures as well as FOMC Meeting. Any type of supportive candles around 1.52 handle would offer short-term buying opportunity, while resistive candles around 1.55 area would be strong selling signal. Despite this downtrend, long-term looking, we believe it is still best to stay on the sidelines. Buying is not an option as long as we are below 1.55 handle, however, we believe that pair has plenty of support below and that it would not be an easy way down, so until we see break below recent lows at 1.51 handle we would consider selling the pair.
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