As for GBP/USD , those 50% of the experts who had voted for the pair’s rise were right. Although, graphical analysis on H1 supporting them had underestimated the bulls’ power – the pair quickly turned resistance at 1.3910 into support, rebounded off it and got to resistance at 1.4248 by the end of the week.
Forecast for Coming Week
Generalizing the views of several dozen analysts from world leading banks and broker companies as well as forecasts based on various types of technical and graphical analysis, the following can be said:
There’s unanimity among the analysts regarding GBP/USD . On the weekly and monthly intervals, 60% of them vote for a fall, 30% for a sideways trend and only 10% for a rise. It’s obviously a different story with the indicators – on H1, all of them point to a rise; on H4, their number is 83% and it’s just 50% on D1. Graphical analysis draws a 1.4070-1.4375 side channel whereas first, the pair may fluctuate in a narrower range from 1.4150 to 1.4250.
Roman Butko, NordFX