On a long-term basis, despite this pullback, we would still be buyers for this pair and would use any pullbacks as buying opportunities. Selling is not an option at the moment, as long as the pair is above 1.30 handle.
GBP/USD Weekly Forecast – 02 October – 06 October
Sterling was pushed lower in the course of the last week, with decline mostly caused by overall strengthening of US dollar. Pair went all the way to 1.3340 level, where it found some amount of support and managed to rebound slightly in order to finish the week around 1.34 handle. As for next week we would be focused on UK PMI data and US job figures. On a short-term basis, we believe that pair will find some amount of support around 1.3350 and 1.33 area initially next week, while area above 1.35 handle should offer some amount of resistance.
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