GBP/USD Weekly Forecast - 16 February - 20 February
Pound break above 1.54 handle in the course of the last week, supported by more hawkish than expected BoE Inflation Report as well as downbeat in US data. Also, 1.52 handle was retested few times and now stands as a major support for this pair. Focus of the next week will be on CPI and job figures as well as BoE Meeting Minutes.
Weaker than expected data would push pair lower with support around 1.5330 and 1.5280 level in extension, so this is where we would consider buying the pair in short term-trends. On the other hand, better than forecasted figures would lead to the uptrend all the way to 1.55 handle where we can expect major resistance and short-term selling opportunity. On a long-term basis, we have no interest in selling this market at the moment, as we believe it is most certainly heading towards 1.55 handle. This area should offer significant amount of resistance so at this point we would wait for a signal on a what to do next.
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