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 – 16 October – 20 October
Sterling was pushed higher in the course of the last week, going all the way above 1.33 handle. Pair was mostly supported by positive comments regarding Brexit during the week and overall weakening of the US dollar. Pair found some amount of resistance above this area, but managed to finish the week around 1.3280 area. Next week, focus will be on UK CPI and job figures. On a short-term basis, we believe that pair will find some amount of support around 1.320 and 1.3150 area initially next week, while area above 1.34 handle should offer some amount of resistance.
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