GBP/USD Weekly Forecast – 04 July – 08 July

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Saturday, Jul 02 2016

Sterling initially found support around 1.31 handle in the course of the last week and managed to rebound going all the way above 1.36 handle, however, quickly declined by the end of the week going back to 1.32 handle. OF course pair was mostly influenced by any news regarding Brexit and political situation in the UK at the moment. As for next week, we believe that Brexit will remain the key topic with pair likely finding support around 1.31 handle and resistance above 1.34 handle.

In long-term trends, we would avoid any long-term trading at the moment as it will take some time for market to consolidate and show more clear trend, but the bias is now certainly bearish.

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