GBP/USD Weekly Forecast – 18 July – 22 July

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Saturday, Jul 16 2016

Sterling managed to rebound a bit in the course of the last week. Theresa May as a new PM and BoE leaving interest rate unchanged were positive signs for Sterling which even come near 1.35 handle after it initially found support around 1.2850 area. However, by the end of the week pair pulled back below 1.32 handle, with market being quite volatile at the moment. As for next week, we believe that focus will be on UK CPI and job figures with pair likely finding support around 1.30 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, especially if we see break below recent lows.

More in this category: « AUD/USD Weekly Forecast – 18 July – 22 July EUR/USD Weekly Forecast – 18 July – 22 July »

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