GBP/USD Weekly Forecast – 06 June – 10 June

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Friday, Jun 03 2016

Sterling was initially pushed higher in the course of the last week, going all the way 1.47 handle, however, this area proved to be too resistive at the moment, with pair pulling back to 1.44 handle. However, weaker than expected US NFP figures pushed pair back higher with a resistance around 1.4580 level. Next week we believe that pair will find some amount of support around 1.44 handle, so this would be our short-term buying point and resistance above 1.46 level so this is where we would consider selling the pair.

In long-term trends, if we see decisive 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.

Last modified on Friday, 03 June 2016

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