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GBP/USD Weekly Forecast – 30 November - 04 December

Friday, Nov 27 2015

Sterling was pushed lower in the course of the last week. Area above 1.52 handle proved to be too resistive at the moment, and pair slowly pulled back during the week, though there were no major data releases. However, next week we can expect more volatility with the focus on UK PMI figures and US NFP data. We believe that pair is likely to find support around 1.50 handle initially, as this is important area on a long-term charts and 1.4930 level in extension. On the other hand area above 1.51 handle should be resistive initially, with even more resistance coming above 1.5150 level.

Long-term looking, with recent Governor Carney's comments that we cannot expect rate hike soon and with Fed approaching to its first rate hike, with possibility of that even in December we have no interest in buying the pair at the moment. We recognize that there is plenty of resistance above 1.5250 handle, and if we see break below 1.50 handle we would be more than willing to start selling the market with initial target set at 1.48 handle.

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