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GBP/USD Weekly Forecast – 15 February – 19 February

Friday, Feb 12 2016

Pound break above 1.45 handle in the course of the last week, supported by dovish Janet Yellen's testimony which indicated that there will be no rate hike in the near future. Also, 1.44 was retested few times and now stands as a major support for this pair. Focus of the next week will be on CPI and job figures. Weaker than expected data would push pair lower with support around 1.4350 and 1.43 level in extension, so this is where we would consider buying the pair in short term-trends.

On the other hand, better than forecasted figures would lead to the uptrend all the way to 1.4650 handle where we can expect major resistance and short-term selling opportunity. On a long-term basis, we have no interest in selling this market at the moment, but as long as we are between 1.44 and 1.46 handle we have no interest into engaging in this market.

More in this category: « AUD/USD Weekly Forecast – 15 February – 19 February EUR/USD Weekly Forecast – 15 February – 19 February »

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