The GBP/USD pair was predicted to go up to around 1.5200-1.5270. At the same time, graphical analysis pointed out that before rising, the pair might fall to support at 1.5055. In fact, GBP/USD first dropped to 1.4957, which is lower than expected, then it went up as predicted and finished the week at 1.5228.
Forecast for the coming week.
Summing up the opinions of several dozen analysts from leading banks and broker companies as well as forecasts based on different methods of technical and graphical analysis, the following can be suggested:
80% of the experts believe that GBP/USD will be moving in the side channel within 1.4900-1.5250 with the at 1.5000. However, most indicators and graphical analysis on H4 and D1 disagree. According to their forecast, the pair will move in two waves, first reaching 1.5440 (followed by a roll down to 1.5300) and then 1.5500. Considering upcoming Christmas holidays, the end of the second wave can be expected in January.
All forecasts may be subject to change as important economic data are released in the middle of the coming week.
Roman Butko, NordFX