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GBP/USD Weekly Forecast - 21 March – 25 March

Friday, Mar 18 2016

Sterling was pushed higher in the course of the last week, testing 1.45 handle as a resistance, and pulling back slightly from it by the week's end. Incline is a result of dovish Fed's stanzas and more hawkish BoE's Meeting Minutes. As for next week, we would pay attention to UK CPI figures. Weaker than expected figures would push pair to 1.44 and 1.4350 handle in extension. On the other hand, better than forecasted figures would cause a break above 1.45 handle, though we can expect significant amount of resistance all the way to 1.46 handle.

In long-term trends, for further buying we would first need decisive break above 1.45 handle, which is psychologically important level. Also, we would keep in mind Brexit concerns which would have bearish impact on the pair, so we would be cautious with placing any larger buying bids, but selling is definitely nota n option at the moment.

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