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GBP/USD Weekly Forecast - 02 May – 06 May

Friday, Apr 29 2016

Sterling was pushed higher in the course of the last week,continuing its recent uptrend. Pair initially struggled with 1.45 handle, but then broke above it and extended its gains all the way to 1.4670 level, where pair found some amount of resistance and pulled back by the end of the week.  As for next week we would pay attention to UK PMI and NFP figures. Pair is likely to find support around 1.45 handle, at least initially, and resistance above 1.4680 and 1.4730 level in extension, so these would be our short-term buying and selling points.

Long-term looking, we would  be buyers for this pair, as we believe that it has plenty of support all the way to 1.44 handle. Given enough time, pair could go as high as 1.50 handle, though we do not expect an easy way up.

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