GBP/USD Weekly Forecast – 9 November – 13 November
Sterling was pushed significantly lower in the course of the last week. The main reason behind this decline are dovish BoE stanzas, but most importantly much better than forecasted NFP figures, after which Sterling was pushed all the way to 1.5050 area. 1.50 handle is of course major support on long-term charts so we believe that pair will find some amount of support around it initially next week.
Focus of the week will be on UK job data. Any type of supportive candles around 1.50 and 1.4950 area would be short-term buying signal, while area above 1.5150 level is likely to offer some amount of resistance so this is where we would consider short-term selling. In long-term trends we have no interest in buying this pair, as we are far from 1.55 handle break of which would mark beginning of an uptrend. If we see decisive break below 1.50 handle we would place larger selling bids with an initial target set at 1.48 handle.
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