GBP/USD Weekly Forecast – 30 May – 03 June

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Saturday, May 28 2016

Sterling was pushed higher in the course of the last week, going all the way 1.47 handle, being supported by hawkish BoE comments supporting In campaign in Brexit. However, this area proved to be too resistive at the moment, with pair pulling back to 1.46 handle by the end of the wee. Next week we would pay attention to UK PMI and US NFP figures. We believe that pair will find some amount of support around 1.45 handle, so this would be our short-term buying point and resistance above 1.4740 level so this is where we would consider selling the pair.

In long-term trends, since we have seen break above 1.46 handle, we believe that pair could go much higher, with initial target set at 1.48 handle. Selling is not an option at the moment.

More in this category: « AUD/USD Weekly Forecast – 30 May – 03 June EUR/USD Weekly Forecast – 30 May – 03 June »

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