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, however there is some bearish momentum in the pair at the moment.
GBP/USD Weekly Forecast – 30 October – 03 November
Sterling was initially pushed higher in the course of the last week, going all the way to near 1.33 handle, where it found plenty of resistance and with uncertainties around Brexit pair went all the way to 1.3070 level during the Friday's session where it found some amount of support with pair finishing the week around 1.3130 area. As for next week we would pay attention to BoE interest rate decision as well as FOMC meeting and NFP report. 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 1.3250 handle should offer some amount of resistance.
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