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GBP/USD Weekly Forecast – 29 February – 04 March

Friday, Feb 26 2016

Pound broke below 1.40 handle in the course of the last week,and went all the way to 1.3850 handle, with a weekly closing near weekly lows which is of course additional bearish sign. Downtrend is caused mostly on Brexit concerns and dovish BoE's comments concerning interest rates. Focus of next week will be on UK PMI figures and US NFP data. Weaker than expected data would push pair lower with support around 1.3750 and 1.37 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 1.3950 and 1.40 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 1.45 handle and it is also not likely that we are going to see break above this area soon. We would be sellers on break below recent lows and rallies that show signs of resistance, with initial target set 1.37 handle.

More in this category: « AUD/USD Weekly Forecast – 29 February – 04 March EUR/USD Weekly Forecast – 29 February – 04 March »

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