GBP/USD Weekly Forecast - 10 October – 14 October

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Friday, Oct 07 2016

Sterling sharply pulled back in the course of the last week. Main reason for a decline was UK PM statement regarding Brexit. Furthermore, in early Friday trade Sterling fell over 700 points in still unexplained move. Pair managed to regain some ground by the weekly closing but remained below 1.25 handle. It seems that pair is in a downtrend and despite the fact that there are no major data releases from the UK next week, we expect for pair to extend losses. Any type of supportive candles around 1.2350 and 1.22 handle would be short-term buying signals, while resistive candles above 1.25 and 1.2570 area would be selling signals.

In long-term term trends we would be sellers for this pair with initial target set at 1.20 handle. We have no interest in buying the pair.

More in this category: « AUD/USD Weekly Forecast - 10 October – 14 October EUR/USD Weekly Forecast - 10 October – 14 October »

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