GBP/USD Weekly Forecast – 23 November – 27 November
Despite rather weak UK CPI and Retail Sales , Sterling was pushed higher in the course of the last week, mostly due to dovish FOMC Meeting Minutes. Pair broke above 1.53 handle, but it found significant amount of resistance around 1.5330 level, in order to pullback and even broke below 1.52 handle. With no major data releases from the UK next week, we believe that main market mover will be US data.
Weaker than expected figures would push pair back higher, but with resistance above 1.53 handle , while better than forecasted data would push pair all the way to 1.51 handle and perhaps even below it, with major supportive point at 1.5050 handle. In long-term trends, 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 1.5050 handle we would consider selling the pair.
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