GBP/USD Weekly Forecast – 02 January – 06 Janaury

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Sunday, Jan 01 2017

GBP/USD Weekly Forecast – 02 January – 06 Janaury

Sterling was initially pushed lower in the course of the last week, but formed support around 1.22 handle and was then pushed higher going all the way to 1.2480 area, where it found some amount of resistance but pulled back only slightly finishing the week around 1.2350 level. Next week we would pay attention to UK PMI and US NFP figures. Any type of supportive candles around 1.2250 and 1.22 handle would be short-term buying signals, while resistive candles above 1.24 and 1.2450 area would be selling signals.

In long-term term trends, we would remain on the sidelines for this pair, as there are a lot of uncertainities surrounding Brexit process and pair could easily head in any direction now.

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