GBP/USD Weekly Forecast – 01 August – 05 August

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Sunday, Jul 31 2016

Sterling managed to rebound in the course of the last week, going all the way to 1.33 handle, supported by better than forecasted UK GDP figures. However, pair found this area to be too resistive at the moment with pair pulling back to 1.32 area by the end of the week. As for next week, we believe that focus will be on UK PMI and US NFP figures with pair likely finding support around 1.31 handle and resistance above 1.3350 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 – 01 August – 05 August EUR/USD Weekly Forecast – 01 August – 05 August »

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