On a long-term basis, despite this rebound we still believe that there is a lot of bearishness in the pair, so we are not interested in buying at the moment. We would be sellers if we see break below 1.30 area.
GBP/USD Weekly Forecast - 2 July - 6 July
- Friday, Jun 29 2018
Sterling found area near 1.33 handle to be too resistive in the course of the last week and was then pushed lower going all the way to 1.3050 area, which proved to be supportive enough at the moment for pair to completely rebound on Friday, and close the week near 1.32 handle, which is currently being tested. As for next week, focus will be on UK PMI figures and US employment data. We believe that pair will find some amount of support around 1.31 and 1.3050 area and resistance above 1.34 handle.