GBP/USD Weekly Forecast – 07 November – 11 November

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Friday, Nov 04 2016

GBP/USD Weekly Forecast – 07 November – 11 November

Sterling broke higher in the course of the last week going all the way to above 1.25 handle which was resistive for a long time. The pair was supported by High Court Rulling on Brexit and more hawkish that expected BoE stanzas. As for next week we would pay attention to UK Industrial Production figures and US Presidential Elections. Any type of supportive candles around 1.24 and 1.2350 handle would be short-term buying signals, while resistive candles above 1.26 and 1.2650 area would be selling signals.

In long-term term trends though trend is now positive for a British pound, we would still remain on the sidelines, as we believe that 1.25 handle will still be quite a struggle. We have no interest in selling the pair, but would need to see break above 1.27 handle before we would decide on buying.

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