On a long-term basis we would remain on the sidelines at the moment, until we see that pair is stable above 1.31 area. However, selling is not an option at the moment.
GBP/USD Weekly Forecast – 31 July – 04 August
Sterling was pushed higher in the course of the last week going all the way to 1.3150 handle by the weekly closing, which is of course a positive sign. Pair was supported by dovish FOMC Statement and overall fall in US index, with incline not being hindered even by weaker than expected US GDP figures. Next week, we can expect plenty of volatility with UK PMI figures as well as US NFP report. On a short-term basis, we believe that pair will find some amount of support around 1.3050 and 1.30 area initially next week, while area above 1.3250 handle should offer some amount of resistance.
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