GBP/USD Weekly Forecast – 25 July – 29 July

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Saturday, Jul 23 2016

Sterling went back and forth in the course of the last week, finding support around 1.3060 area and going as high as 1.33 handle, where it found significant amount of resistance. However, by the end of the week, due to weaker Retail Sales and PMI figures Sterling pulled back all the way to 1.31 handle. As for next week, we believe that focus will be on UK GDP with pair likely finding support around 1.30 handle and resistance above 1.3250 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 – 25 July – 29 July EUR/USD Weekly Forecast – 25 July – 29 July »

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