On a long-term basis, we would be on the sideliness for this pair, after this decline, though selling is not an option, as long as the pair is above 1.35 handle.
GBP/USD Weekly Forecast - 12 February - 16 February
Sterling fell in the course of the last week, going below 1.38 handle, but found some amount of support around 1.3760 area, and managed to rebound in order to finish the week around 1.3820 level. Despite hawkish BoE's stanzas which pushed pair above 1.40 handle on Thursday it quickly pulled back which is a sign of bearishness in the pair. As for next week focus will be on UK CPI figures as well as US reports. On a short-term basis, we believe that pair will find some amount of support around 1.37 and 1.3650 area initially next week, while area above 1.3950 handle should offer some amount of resistance.
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