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GBP/USD Weekly Forecast – 22 August – 26 August

Sunday, Aug 21 2016

Sterling found support below 1.29 handle initially last week, and was then pushed decisively up all the way to near 1.32 handle supported by rather good UK figures and dovish FOMC Meeting Minutes. However, by the end of the week, area above 1.3150 handle became to resistive for the pair which closed the week below 1.31 handle. As for next week, as there will be no major data releases, pair is likely to find support around 1.30 and 1.2950 handle and resistance above 1.3150 handle.

In long-term trends, we would be sellers for the pair, which seems to have a lot of bearish potential, despite recent rebound, and could easily once again  reach 1.28 handle in the near future. We have no interest in buying the pair at the moment.

More in this category: « AUD/USD Weekly Forecast – 22 August – 26 August EUR/USD Weekly Forecast – 22 August – 26 August »

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