GBP/USD Weekly Forecast – 25 January – 29 January
After it initially fell during the last week, mostly due to dovish Governor Carney's comments regarding rate hike, Sterling found area slightly below 1.41 handle to be supportive enough in order to rebound by the end of the week, even break above 1.43 handle in the course of the Friday's session, though by the end of it pair pulled back. As for next week focus will be on UK GDP figures. Pair is likely to find support around 1.43 handle initially, and in a case of a larger decline, last week lows at 1.41 handle, while there is plenty of resistance above 1.43 handle extending all the way to 1.45 handle, so these are the key short-term buying and selling points.
In long-term trends, despite this rebound, we see 1.45 handle as a ceiling for this market, and with that being the case we have no interest in buying it. We believe that resistive candles would offer selling opportunity, and that give enough time pair will test 1.40 handle as a support.
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