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GBP/USD Weekly Forecast - 19 February - 23 February

Friday, Feb 16 2018
GBP/USD Weekly Forecast - 19 February - 23 February

Sterling formed support around 1.38 handle in the course of the last week and was then pushed higher going all the way to 1.4150 area, though there were no major data releases from the UK, so pair was mostly supported by weaker than expected US figures. However, by the end of the week pair pulled back due to weaker than expected UK Retail Sales figures, with pair finishing the week around 1.40 handle. As for next week, we would pay attention to UK job figures.  On a short-term basis, we believe that pair will find some amount of support around 1.39 and 1.3850 area initially next week, while area above 1.4150 handle should offer some amount of resistance.

On a long-term basis, we would be buyers for this pair, after this rebound. Selling is not an option, as long as the pair is above 1.35 handle.

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