On a long-term basis, we would 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.
GBP/USD Weekly Forecast – 01 January – 05 January
Sterling was pushed higher in the course of the last week, breaking above 1.35 handle in the course of the Friday's session. The uptrend was mostly supported by overall weakening of the US dollar. Pair, however, found plenty of resistance above 1.3540 level and pulled back in order to finish the week around 1.35 handle. As for next week we would be focused on UK PMI figures and US NFP report, though we expect steadier beginning of the week. On a short-term basis, we believe that pair will find some amount of support around 1.3430 and 1.3370 area initially next week, while area above 1.36 handle should offer some amount of resistance.
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