GBP/USD Weekly Forecast - 09 May – 13 May
Sterling tried to break higher in the course of the last week going all the way near 1.47 handle, however this area proved to be too resistive at the moment, with pair pulling back to 1.44 handle by the end of the week. This is just a sign that pair is not strong enough at the moment to break higher, however we do recognize that area around 1.44 handle offer significant amount of support as this was previously major resistive point. Next week focus will be on BoE interest rate decision and the following minutes.
Any type of resistive candles around 1.45 handle initially and 1.4580 in extension would offer short-term selling opportunity, while supportive candles around 1.4330 and 1.4280 level would be short-term buying signal. Long-term looking, this pair is quite volatile and with Brexit concerns we expect a lot of volatility so we believe it is best to stay on the sidelines until we get more clear trend.
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gbp/usd1447
GbpUsd1111
gdp95
industrial production106
inflation73
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trade balance108
uk188
unemployment claims160
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