On a long-term basis we would remain on the sidelines at the moment, especially after this decline. However, selling is still not an option at the moment.
GBP/USD Weekly Forecast – 29 May – 02 June
Sterling initially broke higher in the course of the last week, but did not manage to hold above 1.30 handle, and spent rest of the week in a decline going even below 1.28 handle, as Tory lead started to shrink in the latest polls. This is also a sign that pair is not strong enough at the moment for a major breakthrough. As for next week we would be focused on UK PMI and US NFP figures. On a short-term basis, we believe that pair will find some amount of support around 1.2730 and 1.27 area initially next week, while area above 1.29 handle should offer some amount of resistance.
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