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GBP/USD Weekly Forecast - 12 January - 16 January

Friday, Jan 09 2015

Sterling sharply fell during the last week on weaker than expected PMI figures, and with no major support all the way to 1.50 handle after it break decisively below 1.55 handle. It in the end finished the week few points above 1.5150 area. As for next week focus will on UK CPI data, but also on US Retail Sales, CPI and Consumer Confidence figures.

Any type of resistive candles above 1.5250 level would offer short-term selling opportunity, while supportive candles around 1.5030 area would be buying signal in the course of the next week. On a long-term basis we have no interest in selling this pair at the moment, since 1.50 handle should offer some amount of support, being significant level on long-term charts, but buying is not an option as well, at least not until we see break above 1.53 handle.

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