GBP/USD Weekly Forecast - 11 April – 15 April

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Friday, Apr 08 2016

Sterling was initially pushed higher in the course of the last week, but then pulled back sharply all the way to 1.40 handle, where pair found significant amount of support and managed to rebound and broke above 1.41 handle by the end of the week despite weaker than expected UK Industrial Production figures. As for next week, we can expect that Sterling is continue to bounce in this general area, with focus of UK CPI figures and BoE interest rate decision. Pair is likely to find support around 1.40 handle, at least initially, and resistance above 1.4250 and 1.4330 level in extension, so these would be our short-term buying and selling points.

Long-term looking, we would at the moment stay on the sidelines for this pair as there is no any clear trend at the moment, and we would either wait for break below 1.40 handle or above 1.45 area, to place any larger bids.

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