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, despite this pullback.
GBP/USD Weekly Forecast – 07 August – 11 August
Sterling initially went higher in the course of the last week, testing area above 1.3250 handle, but after dovish BoE's Inflation Report and better than forecasted US NFP figures, pair started pulling back in the second part of the week going all the way to 1.3050 area by the end of the week. As for next week we would pay attention to UK Industrial Production figures and US CPI and PPI reports. On a short-term basis, we believe that pair will find some amount of support around 1.30 and 1.2950 area initially next week, while area above 1.3150 handle should offer some amount of resistance.
- Popular
-
UK still likely to leave the EU with a negotiated agreement, says Number 10
A successful deal with the European Union remains the “most… -
Sentix Investors Confidence rose to 14.7 in August
The summer heat in Europe is also causing economic temperatures… -
German factory orders -4.0% seasonally adjusted on the previous month
Based on provisional data, the Federal Statistical Office (Destatis) reports… -
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
China's exports are expected to have maintained solid growth in…
Tags
aud/usd2605
boe106
brexit96
china122
cpi147
daily fundamental2278
daily technical2199
ecb113
eur/usd1497
eurozone88
EurUsd1227
forex8896
gbp/usd1447
GbpUsd1111
gdp95
industrial production106
inflation73
interest rates219
ppi93
rba91
resistance71
retail sales125
support71
trade balance108
uk188
unemployment claims160
unemployment rate122
usd1004
weekly fundamental565
weekly technical419