GBP/USD Weekly Forecast – 05 June – 09 June

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Sunday, Jun 04 2017

GBP/USD Weekly Forecast – 05 June – 09 June

Sterling was initially pushed lower in the course of the week, mostly due to poll results indicating Conservatives do not have big advantage against Labour in the upcoming elections. However, pair found support around 1.2780 level and went all the way to 1.29 handle by the end of the week, where it found some amount of resistance and pulled back slightly. Next week focus will be on Parliamentary Elections. On a short-term basis, we believe that pair will find some amount of support around 1.2830 and 1.2750 area initially next week, while area above 1.2950 handle should offer some amount of resistance.

On a long-term basis we would remain on the sidelines at the moment. However, selling is still not an option at the moment.

More in this category: « AUD/USD Weekly Forecast – 05 June – 09 June EUR/USD Weekly Forecast – 05 June – 09 June »

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