GBP/USD Weekly Forecast – 22 February – 26 February
Pound break below 1.43 handle in the course of the last week, despite rather good UK figures. This is of course a bearish sign, which indicates that pair is not ready for breaking higher at the moment. Focus of the next week will be on GDP figures. Weaker than expected data would push pair lower with support around 1.4250 and 1.42 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 1.44 and 1.4480 handle where we can expect major resistance and short-term selling opportunity.
On a long-term basis, we have no interest in buying this market, as we believe that resistance stretches all the way to 1.46 handle. However, we would also like to see break below 1.42 handle before selling the pair. At the moment we remain on the sidelines.
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