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.
GBP/USD Weekly Forecast – 08 August – 12 August
Sterling came near 1.34 handle in the course of the last week but then decisively pulled back all the way to 1.30 handle after BoE's decision to cut interest rates and expand stimulus programme. In addition to that US NFP figures came better than expected, however 1.30 handle is still quite supportive for Sterling. As for next week we would pay attention to UK Industrial Production figures. Pair is likely to find support around 1.30 and 1.2950 handle and resistance above 1.32 handle.
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