GBP/USD Weekly Forecast - 09 February - 13 February

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Friday, Feb 06 2015

After it once again tested 1.50 handle, in the course of the last week, better than forecasted UK figures pushed Sterling higher, all the way to above 1.53 handle which was resistive for some time now, but pair pulled back during the Friday's session on NFP figures.

Long-term looking, break above 1.53 handle suggests that there is some bullish potential in this pair and that it could go towards 1.55 handle, but we would not place any larger bids ahead of next week's BoE Inflation Report. Selling is not an option at the moment as 1.50 handle offers enough support. On a short-term basis pair is likely to find support around 1.5180 level and 1.5130 in extension so this would be our short-term buying point, and resistance above 1.5350 area so this is where we would sell the pair.

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