GBP/USD Weekly Forecast – 06 February – 10 February

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Sunday, Feb 05 2017

GBP/USD Weekly Forecast – 06 February – 10 February

Sterling formed support around 1.24 handle in the course of the last week and was then pushed decisively up all the way to 1.27 area, but then pulled back after BoE's Inflation Report and rate decision going back to below 1.25 area, with support being formed around 1.2450 level by the end of the week. This is just another sign how volatile this pair is at the moment, and with Parliament Vote on EU Membership coming soon we would be very careful with placing any long-term bids and believe it is best to stay on the sidelines.

On a short-term basis, we believe that pair will find some amount of support around 1.24 and 1.2350 area initially next week, while area above 1.26 handle should offer some amount of resistance.

More in this category: « AUD/USD Weekly Forecast – 06 February – 10 February EUR/USD Weekly Forecast – 06 February – 10 February »

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