GBP/USD Weekly Forecast – 08 May – 12 May

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Friday, May 05 2017

GBP/USD Weekly Forecast – 08 May – 12 May

Sterling tried to break higher in the course of the last week going all the way to 1.2930 level, but this area kept being too resistive, with pair pulling back all the way to 1.2830 area, where it found significant amount of support, and being supported by rather good UK PMI figures finished the week above 1.2950 level. As for next week focus will be on BoE interest rate decision and inflation report as well as US figures. On a short-term basis, we believe that pair will find some amount of support around 1.2880 and 1.2830 area initially next week, while area above 1.3050 handle should offer some amount of resistance.

On a long-term basis we are more interested in buying the pair at the moment, especially after this uptrend, though we would be quite careful with placing any larger bids.

More in this category: « AUD/USD Weekly Forecast – 08 May – 12 May EUR/USD Weekly Forecast – 08 May – 12 May »

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