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GBP/USD Weekly Forecast – 11 July – 15 July

Friday, Jul 08 2016

Sterling continued its downtrend last week as post-referendum impacts continue to effect financial market in the UK. Pair was pushed all the way to 1.28 handle in one moment, but managed to rebound slightly by the end of the week, though 1.30 handle, which was previous significant psychological support now offers plenty of resistance. As for next week, we believe that focus will be on BoE's interest rate decision with pair likely finding support around 1.28 handle and resistance above 1.3050 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, especially now when we have seen break below 1.30 handle.

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