GBP/USD Weekly Forecast – 23 January – 27 Janaury

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Saturday, Jan 21 2017

GBP/USD Weekly Forecast – 23 January – 27 Janaury

Sterling was initially pushed lower in the course of the last week, gapping all the way to below 1.20 handle at the week's opening but managed to rebound quite soon supported by Theresa May's Brexit speech. Pair went all the way to 1.24 handle which proved to be too resistive at the moment with pair pulling back to 1.2250 area, but by the end of the week once again bouncing out for a weekly closing around 1.2370 area. Next week focus will be on EU Membership Court Ruling. Any type of supportive candles around 1.2250 and 1.22 handle would be short-term buying signals, while resistive candles above 1.25 and 1.2550 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 uncertainties surrounding Brexit process and pair could easily head in any direction now.

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