GBP/USD Weekly Forecast – 07 March – 11 March
Pound broke above 1.42 handle in the course of the last week, thus completely rebounding after decline caused by Brexit concerns. As for next week we would pay attention to UK Industrial Production figures. Weaker than expected data would push pair lower with support around 1.41 and 1.4050 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 1.43 and 1.4350 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, after this rebound, but we do believe that resistive candles around 1.43 handle could offer nice short-term selling opportunity. If we see break above 1.43 handle, pair is likely to test 1.45 handle as next major resistive point.
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