GBP/USD Weekly Forecast – 02 November - 06 November

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Friday, Oct 30 2015

Sterling was pushed lower in the course of the last week, due to weaker than expected UK GDP data and hawkish FOMC statement, however found area around 1.5250 level to be supportive enough at the moment. Focus of the next week will be on BoE interest rate decision and inflation report as well as UK Industrial Production figures. Any type of supportive candles around 1.5250 handle

would offer short-term buying opportunity, while resistive candles around 1.55 area would be strong selling signal. 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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