GBP/USD Weekly Forecast – 18 January – 22 January

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Friday, Jan 15 2016

Sterling was pushed significantly lower in the course of the last week, all the way to below 1.43 handle, which is of course sign of a serious downtrend in the pair. Decline was mostly caused due to dovish stanzas coming from BoE recently as well as concerns surrounding possible Brexit. As for next week markets will be focused on UK CPI and job figures.

Weaker than expected figures, would push Sterling further down, with initial support at 1.42 handle and then 1.4150 area in extension. On the other hand, better than forecasted data would bring small rebound to the pair, but with resistance around 1.4350 and 1.44 handle, which were previously supportive. In long-term trends, we have no interest in buying this pair at the moment, as even if we see rebound, 1.45 handle seems like a ceiling at the moment. We believe that pair will now head towards 1.40 handle, so we would be strong sellers.

More in this category: « AUD/USD Weekly Forecast – 18 January – 22 January EUR/USD Weekly Forecast – 18 January – 22 January »

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