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, 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 – 06 November – 10 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 after dovish BoE's stanzas despite rate hike and rather good US NFP figures pair pulled back to a weekly closing around 1.3070 area. Next week we would pay attention to UK Industrial Production figures. 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 1.32 handle should offer some amount of resistance.
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