GBP/USD Weekly Forecast - 17 October – 21 October

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Sunday, Oct 16 2016

GBP/USD Weekly Forecast - 17 October – 21 October

Sterling spent first part of the last week in a downtrend going all the way to 1.21 handle, where it found some amount of support and managed to rebound, however, area around 1.23 handle for now offers plenty of resistance. Pair is still being influenced by all the concerns regarding Brexit. As for next week, focus will be on CPI and job figures. Any type of supportive candles around 1.21 and 1.20 handle would be short-term buying signals, while resistive candles above 1.23 and 1.2350 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 - 17 October – 21 October EUR/USD Weekly Forecast - 17 October – 21 October »

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